Over recent history NEWC Thermal has been closely correlated to the gas price, refer TTF vs. NEWC comparison below.
The obvious correlation is that price speaks to the overall energy complex and need for cheap reliable power.
What I have found interesting lately (Nov/Dec), is that we may be seeing some signs of this correlation falling over. But let see this play out over the next 6-12mnths, it doesn't take much for demand to increase substantially, that's why people talk about the winter heating requirements, its a fragile market. If there was more coal power generation in wester countries one thing is for sure, their power would be cheaper.
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