European gas prices increased strongly last Friday, supported by ongoing tight fundamentals (strong injection demand due to relatively weak stock levels while supply remains constrained) and short-covering for the last trading day of the September contract. The strong rise in Asia JKM prices (+5.28% on the spot, to €51.355/MWh) and in parity prices with coal…
NWE spot baseload power prices were up last Friday, to €107.720/MWh on average for today delivery (compared to €96.053/MW for Friday), supported by expectations of lower wind generation and higher clean fuel costs. EUA Dec’21 prices maintained their uptrend, rising to a new all-time high of €59.95/t and finally closing at €59.00/t (+3.76% day-on-day), supported…
The oil market was focused on the Ida hurricane making landfall yesterday, strengthening to a Category 4 hurricane with winds reaching 240 km/h in key areas of the US petroleum complex (especially the Port Fourchon and LOOP complexes in Louisiana, delivering 17% of US crude supply) and knocking out power supply across Louisiana. With 1.7 mb/d of…
The markets welcomed the Fed Chairman’s speech at the Jackson Hole symposium. He confirmed the strong likelihood that the Fed will begin to reduce its asset purchases before the end of the year, but gave no specific information on the timing and pace of this operation. The markets especially appreciated the fact that he disconnected a…
NWE spot baseload power prices were slightly up yesterday, to €96.053/MWh on average for today delivery (compared to €93.285/MW for Thursday), supported by expectations of lower renewable generation. EUA Dec’21 prices resumed their uptrend, closing at €56.86/t (+0.57% day-on-day), supported by the increase in the CO2 implied switching level. Curve power prices were up, mirroring…
