NWE spot baseload power prices were slightly up yesterday, to €93.285/MWh on average for today delivery (compared to €89.703/MWh /MWh for Wednesday), supported by expectations of lower solar generation and higher demand. EUA Dec’21 prices took a breather after their strong rebound of the previous sessions, closing at €56.54/t (-0.18% day-on-day). Curve power prices were…
European gas prices were mixed yesterday, unable to find a strong driver. Asia JKM prices and parity prices with coal for power generation, which tend to set the ceiling and the floor for European prices respectively, sent mixed signals, up for the former, down slightly for the latter. On the pipeline supply side, Russian flows…
Crude prices remained supported to 71.8 $/b for ICE Brent prompt futures. As the EIA weekly release showed a seasonally average week, with stock draws in crude and products of about 5 mb (see report). Another drop in gasoline stocks, combined with emerging hurricane threats and some unplanned outages in Gulf Coast refiners, triggered an impressive rally in…
US equity markets hit new highs yesterday, but futures flipped and Asian markets fell instead. The dollar is fairly stable around 1.1750, but bond yields are edging up with the US 10 year now at 1.33%. The economic reports have little impact before Jerome Powell’s speech scheduled for tomorrow in Jackson Hole. Yesterday, the decline of…
European gas prices increased strongly yesterday, continuing their technical rebound as many market participants preferred to close their short positions in anticipation of a German-court ruling on the Nord Stream 2 pipeline. The rise in Asia JKM prices (+3.06% on the spot, to €47.752/MWh) and in parity prices with coal for power generation (both coal…
