THE BOARD: Brent $105.28 ▲0.9% | WTI $92.60 ▲0.2% | TTF €73.3/MWh ▲2.0% | JKM $25.82 ▼2.1% (25 Sep) | EU gas storage 70.87% (27 Sep) | PJM backstop auction cap $555/MW-day | EUA €86.78 ▼0.2% (25 Sep) | LME copper $14,364 ▼1.8% (intraday 28 Sep) | Cu cash–3M $67.50 contango (15 Sep) | CBOT Nov soybeans $12.88¼ ▼30¾¢
(Oil and grains are 28 Sep settlements; TTF is the 28 Sep level. Date-stamped items are the latest available prints.)
The Trading Narrative #10 — Six Things Commodity Desks Need to Know This Week
Compliance deadlines, capacity auctions and a strait that won't reopen — the week the calendar did the trading.
Morning,
Three hard dates land inside five days this week. EU ETS surrender on 30 September. PJM's backstop capacity auction opens the same day. And 1 October is when the EU storage window formally starts, with Europe sitting around 71% full. Oil, meanwhile, spent Monday jumping $4 on a rejected peace plan and then giving most of it back.
On the technology side, the ETRM market got a new valuation benchmark and a new challenger in the same week. Here are the six things worth your attention.
