EUAs erased Monday’s losses
The European power spot prices slightly faded yesterday, possibly weighted by the rising French nuclear availability and hydro generation offsetting the forecasts of lower wind…
While ICE Brent prompt price for August expiry jumped to 75 $/b on early Tuesday, the spread between US crude (light sweet WTI) and the ICE Brent benchmark narrowed spectacularly from –2.4 $/b to –2 $/b. Gasoil cracks and other refined product prices did not rally as quickly as crude prices, leaving the ICE gasoil crack to a paltry level of 5.8 $/b at the prompt, a level not experienced since mid-April.
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