The Wednesday market opened down on more moderate forecasts, but the downward movements lacked momentum and many contracts turned north again before noon. A Swedish trader argued that prices should start rising again soon to adjust to the fundamental deficit while a Norwegian trader said the market was more likely to head south when it breaks out of its current range.
“Yesterday’s dry forecast was a shock to many and helped push the market up a level. But I don’t think it is a sign we are in to a new trend. I will rather say we are in a range market now where the Summer 03 will trade between NOK/MWh 195 and NOK 215, possibly NOK 230 for some more time. Eventually I think it will break through on the downside as mild and wet weather trends,
Mittwoch, 5.02.2003, 12:04 Uhr
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