Forward rates gain on drier, cooler weather view
Oct 24 (Reuters) -Nordic forward power prices rose on Thursday, buoyed by forecasts for drier and cooler weather in the hydropower-dependent region.
* Nordic front-quarter baseload power contract ENOFBLQc1 rose 0.2 euro, or 0.4%, to 56.8 euros per megawatt hour (MWh), as of 1105 GMT.
* Nordic front-year ENOFBLYc1 gained 0.1 euro, or 0.3%, to 39.8 euros per megawatt hour (MWh).
* "We are starting to see drier and cooler signals in the Nordic weather forecasts. Following a mild and wet start to next week, a shift to more high pressure weather appears likely, with temperatures dropping to around or below seasonal average for the first time in several weeks," analysts at Energi Danmark said in a note.
* "The outlook appears somewhat bullish for the Nordic power market."
* Dutch and British wholesale gas prices hit a more than 10-month intraday high as the Middle East conflict and reports that North Korean troops were ready to help Russia in Ukraine kept traders on edge. NG/EU
* "The generally high pressure dominated scenario for the next two weeks remains largely unchanged with above normal pressure over the continent bringing calm and dry weather to continental Europe," Georg Muller, a meteorologist at LSEG, said in a note.
* Nordic water reserves available 15 days ahead PCAEC00 were seen at 10.88 terawatt hours (TWh) above normal, compared with 9.32 terawatt hours (TWh) above normal on Wednesday.
* The Nordic power price for next-day physical delivery FXSYSAL=NPX, or system price, fell 0.23 euro, or 1.2%, to 19.33 euros MWh.
Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
