European equity markets caught up yesterday while Asian markets were optimistic for unconvincing reasons: the upcoming departure of the Japanese Prime Minister would pave the way for new stimulus measures and Chinese foreign trade accelerated in August against all expectations. We must remain cautious with these statistics, which are still affected by a strong base effect. On the other…
Supported by forecasts of a wind shortage and the record clean fuel costs, the European power spot prices climbed above 120€/MWh for today to reach 128.12€/MWh on average in Germany, France, Belgium and the Netherlands, +15.82€/MWh from Friday. The EUA prices set a new intradray record at 62.45€/t on Friday as the tight situation of…
European gas prices weakened slightly on Friday, torn between the impacts of ongoing tight fundamentals and profit taking after the previous sessions’ strong gains. Indeed, Russian supply remained weak on Friday, averaging 288 mm cm/day (compared to 287 mm cm/day on Thursday), as both flows through Poland and Ukraine remained below their levels of end…
Crude oil prices continue to fall this morning: Brent 1st-nearby has lost around $2/bbl ($71.65) since the release of the US jobs report on Friday, highlighting economic slowdown and wage pressures. The sharp decline in Saudi crude prices to Asian customers has again highlighted the impact of the Delta variant on demand levels in the region. Nearly 90%…
The August US employment report sent two contradictory signals: a sharp slowdown in job creation (+235k) reflecting the impact of the variant delta, but an acceleration in wages (+0.6% m/m and +4.3% yoy) highlighting the labour shortage. See our Friday’s news on this subject. Equity markets were hesitant in the US but declined in Europe due to the weakening…
