NWE spot baseload power prices were almost stable yesterday, to €89.703/MWh on average for today delivery (compared to €88.545/MWh /MWh for Tuesday), as the impact of higher wind generation (13743 MW in Germany for today, compared to 7307 MW yesterday) was offset by rising fuel costs. EUA Dec’21 prices continued their rebound, closing at €56.64/t…
ICE Brent front-month contract rallied back to 71 $/b yesterday, with the Oct/Nov time spread climbing a high as 75 cents, from 40 cents the day prior. We believe the front-month contract’s fair value remains close to 70 $/b, given the dollar strength and how time spreads rallied strongly from their previous values. PEMEX brought…
US equity markets have reached new all-time highs, underlining how fundamentally optimistic they remain. But more mixed Asian markets, the slight rise in bond yields (the 10-year US Treasury is close to 1.3%) and the upward tremor of the dollar (1.1740 against the euro) seem to reflect greater caution ahead of Jerome Powell’s key speech on…
NWE spot baseload power prices weakened slightly yesterday, to €88.545/MWh on average for today delivery (compared to €92.695/MWh /MWh for Monday), as the impact of lower wind generation was outpaced by weaker demand. EUA Dec’21 prices continued their rebound, closing at €55.34/t (+1.77 day-on-day). Curve power prices were up, mirroring the rise in gas, coal and…
European gas prices were mixed yesterday, torn between the impacts of technical rebound after last week’s strong losses and a more comfortable outlook for Russian supply. The rise in Asia JKM prices and in parity prices with coal for power generation (both coal and EUA prices were up) provided support, particularly for curve prices. On…
