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POWER: CWE Power Flips Red on Gas Declines

POWER

CWE power futures removed earlier gains to trade lower on the day weighed on by losses in European gas prices and carbon allowances. 

  • France Base Power OCT 24 down 1.3% at 68.58 EUR/MWh
  • Germany Base Power OCT 24 down 2.8% at 82.01 EUR/MWh
  • EUA DEC 24 down 1.2% at 65.73 EUR/MT
  • TTF Gas OCT 24 down 2% at 36.6 EUR/MWh
  • Rotterdam Coal OCT 24 down 0.2% at 115 USD/MT
  • TTF reverses direction with European fundamentals coping despite current pipeline supply cuts and US LNG supply risks due to a storm in the US Gulf. High underground storage and higher than normal LNG volumes at sea are helping to ease tight supply fears as the winter heating season approaches.
  • The flip in European gas prices also weighed on European carbon allowances that retreated from an intraday high of €67.18/ton CO2e in the morning. 

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