Sentiment was positive yesterday but disappeared overnight with Asian equity markets down sharply and US futures down. Bond yields are edging down after a rebound and the USD has regained some ground after heavy losses (1.1880). US GDP growth figures were welcomed but concerns about the Chinese authorities’ attitude towards private companies and the resurgence of the…
The power spot prices plunged in northwestern Europe yesterday amid forecasts of surging wind output, stronger solar generation, slightly improved French nuclear production and weaker power demand. The day-ahead price hence dropped to their lowest level since mid-June at 42.62€/MWh on average in Germany, France, Belgium and the Netherlands, -29.65€/MWh day-on-day. Ignoring the potential pressure…
Crude prices continued to rise yesterday, to reach 75 $/b for the ICE Brent August contract on the backend of drawing US petroleum inventories and supportive macro environment for inflation. In their latest EIA data release, commercial crude stocks drew by 4.1 mb, in line with seasonal norms. Gasoline and distillate stocks both declined by respectively 2.3 mb…
European gas prices hit new record highs on Wednesday with the TTF August 21 contract trading just below the €40/MWh mark while NBP August 21 prices breached the 100 p/th mark for the first time since 2008. On the far curve, TTF year-ahead prices hit a new eight-year high at €27/MWh. In Asia, JKM prices…
The Fed statement was slightly more hawkish, as “progress” has been made towards the targets of maximum employment and price stability. In the press conference that followed the meeting, Jerome Powell acknowledged they had a deep discussion about bond tapering but said they were not there and that there was “ground to cover” to get there. He also said…
