The markets welcomed the Fed Chairman’s speech at the Jackson Hole symposium. He confirmed the strong likelihood that the Fed will begin to reduce its asset purchases before the end of the year, but gave no specific information on the timing and pace of this operation. The markets especially appreciated the fact that he disconnected a…
NWE spot baseload power prices were slightly up yesterday, to €96.053/MWh on average for today delivery (compared to €93.285/MW for Thursday), supported by expectations of lower renewable generation. EUA Dec’21 prices resumed their uptrend, closing at €56.86/t (+0.57% day-on-day), supported by the increase in the CO2 implied switching level. Curve power prices were up, mirroring…
European spot gas prices were mixed again yesterday, unable to find a strong driver. Prices on the curve were more clearly up, more sensitive to the increase in parity prices with coal for power generation than to the drop in Asia JKM prices. On the pipeline supply side, Russian flows were almost stable yesterday, averaging…
Crude prices jumped, with Brent October contract reaching 72 $/b, as the Ida hurricane threat became clearer. Ida is expected to reach oil infrastructures by Sunday, passing through the Gulf of Mexico’s main offshore fields and landing in Lake Charles and Baton Rouge, where significant refining capacity is (Exxonmobil, Citigo and Phillips 66 refineries account…
Stocks are down, rates (US 10y at 1.34%) and the dollar (EUR/USD at 1.1760) are up very slightly: the market is logically playing it safe ahead of Jerome Powell’s key speech at 4pm (CET) today. Several Fed members (who are not voting on monetary policy decisions this year, however) have already set the tone yesterday by…
