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…
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,…
