Due to corrected weather forecasts, the front year in gas lost value in mid-November, in some cases significantly. Driven by surprisingly cool temperatures and rising spot market prices, however, the gas price rose again towards the end of the month and was able to make up for the losses.
The front year in electricity was quite different. Driven by stable demand and positive forecasts for a Covid-19 vaccine, the base contract increased by more than 5 €/MWh in November.
More than 3/4 of all tips in the enmacc market sentiment correctly predicted this development, a strong result of the participants! The remaining tips were too bearish.