The price of crude oil continues to be quite volatile without finding a real trend: yesterday it exceeded $73/b before dipping below $71/b and then rising to $72/b. Prices took a temporary dip after China announced that it had drawn (for the first time) on its strategic reserves to calm the price rise. This announcement probably refers…
The ECB has done pretty much what was expected of it, judging by the small drop in bond yields and the stability of the euro that followed its announcements (EUR/USD @ 1.1830). It will start to reduce the additional purchases of securities decided in March, after having revised its growth and inflation forecasts upwards, but remains very…
Expectations of stronger power demand and weaker French nuclear availability combined with higher fuels and carbon prices drove the European power spot prices above 130€/MWh yesterday. The day-ahead contracts reached 132.48€/MWh on average in Germany, France, Belgium and the Netherlands, +7.76€/MWh day-on-day despite the forecasts of slightly stronger wind and solar production for today. After…
European gas prices maintained their bullish momentum yesterday as weak supply and low stock levels continued to raise concerns. Although Russian flows continued to rebound, averaging 296 mm cm/day (compared to 287 mm cm/day on Tuesday), thanks to the additional increase in flows through Poland to the Mallnow interconnection point, they are still below the…
The price of Brent crude oil is back near its recent highs, just below $73/bbl. It is supported by the even slower than expected return of production (only 20%) in the Gulf of Mexico after the damage caused by Hurricane Ida. The prompt timespread has risen to 80 cents/b from 60 cents/b a few days ago. According to API estimates,…
