POWER: Swedish TSO Releases 1Q25 EPAD Auction Schedule
Svenska kraftnat has released the schedule for EPAD auctions in 1Q25, with auctions taking place on Wednesdays and six planned between 8 Jan-19 March 25, offering a total of 660MW, it said.
- Smaller volumes are auctioned regularly to ensure continuous access to price protection (see table).
The auctions are expected to enhance price hedging opportunities for electricity market actors.
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GILTS: Narrowing Pressure Maintained Alongside Increased Supply Risks
Swap spreads flat to 1bp tighter to start the week, with the supply outlook limiting any rallies.
- 5-, 10- & 30-Year swap spreads on track to set a fresh closing cycle lows at current levels.
COMMODITIES: Recovery in WTI Futures Still Appears to Be a Short-Term Correction
A bearish theme in WTI futures remains intact and the latest recovery appears to be a short-term correction. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a clear reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Initial resistance is at $72.34, the Oct 24 high. The trend condition in Gold is unchanged and the latest pullback is - for now - considered corrective. Recent gains resulted in a breach of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend and maintaining the price sequence of higher highs and higher lows. Sights are on the $2800.0 handle next. Firm support is $2710.1, the 20-day EMA. A clear break of this EMA would highlight a short-term top.
- WTI Crude up $1.99 or +2.86% at $71.47
- Natural Gas down $0.04 or -1.43% at $2.623
- Gold spot up $6.91 or +0.25% at $2742.66
- Copper up $3.9 or +0.89% at $441.15
- Silver up $0.32 or +0.99% at $32.799
- Platinum up $4.79 or +0.48% at $1000.61
EQUITIES: E-Mini S&P Still Trading Below 20- and 50-Day EMAs
Eurostoxx 50 futures traded lower last week. The move down resulted in a breach of support at 4914.00, the Oct 16 low. Note that 4884.06, 38.2% of the Aug 5 - Sep 30 bull cycle, has also been cleared. This exposes 4815.50 next, the 50.0% retracement point. Initial firm resistance has been defined at 5015.00, the Oct 29 high, where a break is required to highlight a reversal. Initial resistance is at 4943.50, the 20-day EMA. S&P E-Minis traded sharply lower last Thursday but the contract has found some support for now. Price has cleared both the 20- and 50-day EMAs - an important short-term bearish development. The break lower signals scope for an extension and has exposed the next support at 5724.00, the Oct 2 low. Clearance of this level would open 5637.60, a Fibonacci retracement. Initial firm resistance is 5824.59, the 20-day EMA.
- In China the SHANGHAI closed higher by 38.193 pts or +1.17% at 3310.207 and the HANG SENG ended 61.09 pts higher or +0.3% at 20567.52.
- Across Europe, Germany's DAX trades lower by 10.09 pts or -0.05% at 19243.88, FTSE 100 higher by 41.53 pts or +0.51% at 8219.35, CAC 40 up 14.94 pts or +0.2% at 7424.06 and Euro Stoxx 50 up 0.95 pts or +0.02% at 4878.79.
- Dow Jones mini down 25 pts or -0.06% at 42185, S&P 500 mini up 2.5 pts or +0.04% at 5761.25, NASDAQ mini down 5.75 pts or -0.03% at 20149.75.
