The power spot prices surge near 170€/t yesterday in northwestern Europe, with some baseload contracts reaching levels not seen since 2006/2007 as forecasts of dropping solar generation offset the expectations of increased wind production while the spiking gas prices provided additional support. The day-ahead prices hence averaged 167.84€/MWh in Germany, France, Belgium and the Netherlands,…
Crude prices remained firm, above 74 $/b for the ICE Brent November contract. The Chinese Food and Strategic Reserve Administration will release 7.3 mb of crude on September the 24th, amid falling commercial inventories in China, which prompted Chinese officials to utilize their strategic reserve in a more proactive manner to limit inflationary pressure. The volume remains…
European gas prices continued their (endless?) rise yesterday, still supported by concerns on the commercial start date of the Nord Stream 2 gas pipeline. As a proof that there is now a strong competition between European and Asian buyers to attract the needed LNG cargoes, prices were more sensitive to the rise in Asia JKM…
August inflation data in the US came in slightly below expectations, but headline and core inflation remain strong at +5.3% and +4% yoy respectively. In detail, it is not so clear that a downward turn is really underway and the reaction of the markets (equities and bond yields down, USD finally slightly up) seems to show…
Crude oil prices climbed higher to 74 $/b for ICE Brent front-month contract ahead of the Nicolas weather event, reclassified as a hurricane in the last hours, ahead of its landfall. Large refineries in the Houston area announced that they would maintain normal operations. The impact of such a hurricane will likely reduce crude throughputs and run…
