Futures market

• There is not much going on in the market - there is currently hardly any movement, everyone is waiting. The lead contract, Cal 26 Phelix DE, is slowly but steadily falling in line with the price of natural gas and CO₂. The market is already looking ahead to spring, as weather patterns will change from next week. The big question mark is the "how", the forecasts are very imprecise. Will the downward trend slowly continue, or will the Cal 26 at least trade sideways? 85 EUR/MWh is the next resistance level.

Fuels and CO2

• "What we are seeing is a lot of wind in the coming week - the rest remains uncertain," says our natural gas analyst today. The uncertainty surrounding the filling of storage facilities is likely to keep the price of natural gas at a high level until it is clear how the filling of storage facilities will be handled. At the same time, the temperature forecasts are weighing on futures market prices for the coming months, which is also depressing the annual price - as are the key economic figures. Today, the price for the coming delivery year was already 37.03 EUR/MWh during the day and around 37.30 EUR/MWh in the afternoon.

• CO₂ is likely to bottom out this week. If the price continues to rise, a certain momentum could set in - but this is not expected at present. Today, the price was around 75 EUR/MWh, while the critical resistance level is just above the 70 EUR/t mark, at around 71.80 EUR/t.

Spot market and general information

• The spot market auction resulted in 135.70 EUR/MWh in Germany and 142 EUR/MWh in Austria for tomorrow's delivery day. Feed-in from wind and photovoltaics is below normal, causing prices to rise to EUR 175/MWh (Germany) and EUR 187/MWh (Austria) in the morning and evening hours. The current price level will continue until the weekend. An increase in renewable feed-in is only expected to bring prices down in the coming week.