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| Nordic utility Fortum bounces back and beyond Friday's close, despite initial 2.2% slump at the open following OPEC news |
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| French utility EDF shows clearly price action around OPEC news, jump overight Thursday to Friday in anticipation of an OPEC deal and then reaction down this morning. Side-ways price movement today, still above thursdays close (before the event) |
Whilst i have not tested it statistically for significance, the stock price movement suggests that there is some correlation between producers of wholesale electricity and global crude oil prices. Whilst lower oil prices are bad for utilities, the overall market benefits (as it benefits industry and on some level consumer) and so we see a firmer tone in broader markets today
Interesting also to note the weaker USD trend so far in 2016 causing problems for the rest of the world, but mostly China (ill get back to this in a later post). If this trend continues, it should help commodity prices edge slightly higher over time
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