The market was pushed up on world fundementals, with oil spark spread and emissions pushing power higher by as much as 40p in the front two months and 80p in the Winter 05. The spread between July and January is just under £30/MWh, this is virtually unprecendented and looks like a clear sell, however, with spark spread activity trying to account for emissions increases, and January gas offered at 90p/therm, the market is unchartered waters. It has been said before but the huge and rapid increase in price only heightens the chances of a rapid fall in price. The fear of being long and wrong will seep into traders minds eventually.