The falls seen yesterday were eroded with a £6 gain on Week 51 and January and February had renewed buying pressure. Perhaps this is an interesting time, to look at the way in which the market is going. Trading houses and vertically integrated players are not trading very much, and so the market is witnessing fundamental players doing what they have to do. This sees few trades in the back end as players tend not to worry about the risk. But sees movements in the front end, and the suggestions are that there are still buyers out there.

On another note Drax Group floated yesterday at £5 a share valuing the company at £2bn. Constellation energy bid £2.3bn and were rejected and so the suggestion is that this share looks cheap. If the cold snap comes then this share will rise, on the back of the demand for Europes largest power station. Coupled with coal prices and the forward emissions trading position that Drax has put on as directed by banks, this company in 2006 is destined to go North.