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POWER: CWE Power Erases Gains on Gas Drop

POWER

CWE front-month power futures erased earlier gains with Germany trading negative on the day, while France gave up most of the gains as European gas is pulling back as the return of the Gulfaks C has eased Norwegian supply concerns, while continuing flows via Sudzha and high gas inventories added additional pressure. 

  • France Sept power base load has eased back from an intra-day high of €77.24/MWh, while the German equivalent eased back from a session high of €93.88/MWh.
    • France Base Power SEP 24 up 0.4% at 74.95 EUR/MWh
    • Germany Base Power SEP 24 down 0.5% at 93.4 EUR/MWh
    • EUA DEC 24 up 0.9% at 73.81 EUR/MT
    • TTF Gas SEP 24 down 1.7% at 39.185 EUR/MWh
  • Front month TTF has erased earlier gains as Norway's Equinor has begun work to resume output at its Gullfaks C oil and gas platform in the North Sea after a shutdown on Sunday the company said on Tuesday.
  • Gas transit flows via Sudzha are still nominated near normal at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
  • European gas stores were just below the EU pre winter target at 89.77% full on Aug 18, GIE data showed. 
  • Upside is limited as EU ETS Dec24 is holding onto gains with support from anticipated higher coal demand amid as natural gas prices remained supported in recent sessions by geopolitical risks and supply fears ahead of Norway’s maintenance season. 
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