Downward correction at European power hubs

Falling EUA and fuel prices dragged European power prices sharply down on the curve on Thursday on the back of an upward revision in temperature forecasts for early June. EUA Dec 21 prices slumped by almost 2 euros close-to-close, moving back below their 20-day moving average in what looks like a technical correction after several consecutive days of bullishness without any clear driver.

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