May 29, 2024 10:04 GMT
German June Power Reverses Gains
POWER
German June power base load has reversed earlier gains, shrugging off small increases in European gas prices and a downward revision in wind forecasts for early June. The settlement is trading lower on the day amid more bearish positioning data, losses in EUA and coal prices and forecasts for temperatures in line with the seasonal norm.
- Germany Base Power JUN 24 down 1.4% at 70.92 EUR/MWh
- EUA DEC 24 down 0.3% at 74.32 EUR/MT
- TTF Gas JUN 24 up 0.2% at 33.6 EUR/MWh
- Rotterdam Coal JUN 24 up 0.4% at 112.2 USD/MT
- Investment funds net short positions in ICE German power futures turned the most bearish since 26 April, according to the COT data for the week of 24 May.
- The latest forecasts for wind output in Germany has been revised to 7.1GW-18.25GW during base load on 1-7 June.
- The latest ECMWF forecast suggested temperatures in Dusseldorf to be in line with the seasonal norm, with maximum temperatures to reach 20-21C on 6 June, unlikely support demand for electric cooling.
- The Germany-France June power base-load spread has been narrowing today but Germany retains a high premium to the French market of €36.09/MWh as of the time of writing.
195 words