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The European power spot prices climbed just above the clean gas costs yesterday on forecasts of lower temperatures and wind production. All coupled, the day-ahead prices climbed to 71.80€/MWh in Germany, France, Belgium and the Netherlands, +5.55€/MWh on average from the previous day.
Despite a bullish opening, the EUA dec.21 contract quickly reversed after hitting its 5-day moving average and fell towards 50€/t throughout the remaining of the day, breaking several technical supports which is likely to have trigger further sell-off while the retreating gas and dropping equities provided additional pressure.
As usual, the power curve prices observed the same variations of the gas and carbon markets with hefty gains posted at the market open immediately followed by a retreat and sharp fall throughout the day. The largest losses were presented by the long-term contracts due to the stronger pressure from the underlying gas and emissions prices.
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