After a somewhat bearish Tuesday afternoon, Wednesday opened in the same mood before picking up rather quickly to above yesterday’s close. A trader close to Swedish production held this morning that the market remains quite jittery, as a filling up of the reservoirs would not take long if enough rain is delivered. He nonetheless remained a little bullish, as did a Norwegian trader close to production, who argued that the upside is formidable.
Relentless upside The market does not really believe in the precipitation peak this period, the Norwegian trader said, and argued in favour of a relentless upside from here. At the moment the Norwegian producers are not by far as greedy as their Swedish colleagues, he stated, and found that the autumn contract is priced too low:
Mittwoch, 14.08.2002, 12:02 Uhr
Sara Fagernes
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