After approaching $73/b yesterday, the price of Brent 1st-nearby fell sharply to $71.11/b, but is already back above $72/b. In short, the market seems to be without a clear direction, due to the many uncertainties surrounding it regarding the duration of the unavailability of supply and refining capacity in the southern US, the evolution of the pandemic and…
The continued rise in bond yields (1.37% for the US 10-year) reflects market nervousness ahead of tomorrow’s ECB meeting and the release of the Fed’s Beige Book this evening. At the same time, the rebound of the USD reflects both this nervousness, but also the possibility that the anticipated tightening of ECB policy will be lighter than expected. Japanese GDP growth was…
The power spot prices remained steady and near the clean gas costs in northwestern Europe yesterday amid forecasts of mostly unchanged renewable production and improved French nuclear availability offsetting the impact of the stronger power demand expected today. The day-ahead prices hence reached 127.68€/MWh on average in Germany, France, Belgium and the Netherlands, only 44-cent…
European gas prices resumed their uptrend yesterday, still supported by ongoing tight fundamentals. Indeed, Russian supply dropped further yesterday, averaging 278 mm cm/day (compared to 288 mm cm/day on Friday), due to an additional drop in flows through Poland to the Mallnow interconnection point. Norwegian flows were also down, averaging 282 mm cm/day (compared to…
Crude oil prices hit a low yesterday ($71.51/bbl for Brent) after Saudi Arabia cut the price of its exports to Asian customers. Then, they recovered in a context still marked by the damage inflicted by Hurricane Ida on the oil complex in the Gulf of Mexico: 80% of the region’s production remains absent. The upward trend…
