First signs of recovery in the Cals

摘要

German year-ahead power has increasingly been following front-month Brent crude oil movements in the past two weeks, largely ignoring coal but taking some support from CO2 prices, according to traders. This has resulted in the German curve diverging between a soft prompt-led front and a more volatile, although generally bullish, picture further out. Traders have described the front end of the German curve as stagnant over the last fortnight and unresponsive to consistently bearish prompt prices.