Weak all-round: on oil, restarts, wind
April ‘15 Annual, the bellwether period for many end-users, has seen prices slip to almost £49/MWh – the lowest value for a front Annual at this time of year since 2011, while October ‘15 Annual has hit its lowest level since it started being discussed (two years ago).
Oil crash drives Annuals to new lows
The resumption of gas deliveries to Ukraine, after a six-month break, has also injected some slight bearishness into the market. Although the flows were agreed as part of the interim supply deal hammered out in October, the actual physical resumption of flows has alleviated concerns about Ukraine needing to source gas from western Europe this winter.
The previous market risk analysis for Early December
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