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…
Crude prices rapidly recovered from last week’s slumpy yesterday, with ICE Brent front-month contract rallying by more than 5%, to reach 69.3 $/b on early Tuesday. More interestingly, the whole curve rallied, with longer-dated time spreads such as Dec-21/Dec-22 gaining as much as 60 cents intraday, from 3.2 $/b. Indeed, on Monday, Mexico’s state-owned producer PEMEX…
Equity markets and commodity prices rebounded sharply yesterday as the dollar lost ground: the exchange rate against the euro rose to around 1.1750. The bond market is more cautious with a stable US 10-year rate just above 1.25%, before the Jackson Hole symposium at the end of the week. The fact that China no longer has any…
