Confusion reigns in the markets: stocks are up in Asia despite fairly negative news on activity. Indeed, the China’s Caixin manufacturing PMI fell below 50 in August, as it was the case in many other countries of the region. But, as usual, this is fuelling expectations of monetary policy easing in China. Yesterday’s news flow was…
WTI and ICE Brent futures were slightly up from Monday’ session at 73.3 $/b. Outages in the US refining sector outpaced crude production shut-ins, following Ida’s impact. Indeed, estimates range from 2 to 2.5 mb/d of offline refining capacity in the Louisiana state. On the other side of the market, gasoline and diesel shipments have…
NWE spot baseload power prices were up yesterday, to €110.078/MWh on average for today delivery (compared to €107.720/MW for Monday), supported by expectations of lower wind generation (11074 MW for today in Germany, compared to 13811 MW yesterday) and higher clean fuel costs. EUA Dec’21 prices maintained their uptrend, rising to a new all-time high…
In a session with low liquidity as the UK market was closed, European gas prices maintained their uptrend yesterday, still supported by tight fundamentals. The strong rise in Asia JKM prices (+3.07% on the spot, to €52.933/MWh) and in parity prices with coal for power generation (both coal and EUA prices were up) helped once…
A bad surprise in China, where the services purchasing managers’ index (PMI) fell well below the 50 level that separates contraction and expansion in activity in August. This suggests that the impact of the containment measures put in place to stem the resurgence of the pandemic was much stronger than expected. The manufacturing index also…
