Spot power prices were sharply down in NW Europe on Tuesday on expectations of a jump in German wind power generation from 6.5 GW on Tuesday to 24 GW on Thursday (see graph of the day) and the continuation of below-average temperatures for the coming week. Overall, day-ahead prices for today reached 72.27€/MWh on average…
Crude prices were unevenly boosted by a constructive data release from the American Petroleum Institute, as ICE Brent prompt month reached 74.8 $/b on early Wednesday. Conversely, WTI prices rose at a slower pace, pushing the WTI-Brent to levels unseen since June, at 2.7 $/b for the November contract. We maintain that WTI-Brent spreads should narrow,…
European gas prices extended gains yesterday on the back of ongoing tight fundamentals, as reflected by the weak levels of net storage injections (and stocks). Indeed, Norwegian flows remained weak yesterday, averaging 278 mm cm/day, compared to 275 mm cm/day on Monday (and 323 mm cm/day a week before), due to maintenance works at the…
The downward correction in Asian equity markets continues and the Nasdaq has had its worst day in more than two months. Bond yields are edging down (1.23% for the US 10y) and the USD seems regaining some ground after having weakened a bit yesterday (EUR/USD above 1.18). The market is waiting for the end of the Fed meeting today…
The power spot prices edged down in northwestern Europe yesterday, pressured by forecasts of better French nuclear availability and sharply rising wind output, despite higher clean fuels costs. The day-ahead prices hence reached 85.95€/MWh on average in Germany, France, Belgium and the Netherlands, -2.93€/MWh day-on-day. The EUAs jumped by a hefty 2.31€/t (+4.5%) on Monday,…
