Friday traded like the previous couple of days, a big sell off in the morning followed by a slight buy back in the afternoon, resulting in net losses across the curve. Winter 05 flirted with breaking £50/MWh but in fact only managed to trade at this number. Winter was bid up after tradding at £50/MWh and not surprisingly there is a pschological barrier to breaking the magic £50 mark. If spark spreads correct and the carbon prices continue to fall, there is no reason for Winter to stay as high as it is. Day ahead remained surprisingly high, at £33/MWh and August and September continue to surprise at these high levels. Perhaps most interestingly is the £7/MWh increase between September and October. In order to justify the Winter 05 prices this gap has been wider, but in reality it just looks too steep. With a fast moving traded market like this there are opportunities in very different areas.