EUAs eroded early gains on falling equities
The power spot prices surged near 300€/MWh in northwestern Europe yesterday, lifted by forecasts of a wind surge combined with a strong demand and higher…
ICE Brent prompt contract hiked to 65.7 $/b, likely due to the sustained backwardation at the prompt. Physical differentials in West Africa continued to weaken, as the Nigerian state oil company lowered its official selling prices for its flagship crudes, as rising Brent-Dubai swaps forced producers to adjust their competitiveness to flow crude to the East. Singapore products drew on the light end side, supporting gasoline cracks in Asia. Rising fuel oil stocks in Asia and the Middle-east will deteriorate prompt fuel oil values globally.
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