The European power spot prices for today are slightly up compared to Friday, supported by the higher fuels prices and forecasts of above-average temperatures and weaker wind production. The day-ahead prices hence reached 90.37€/MWh on average in Germany, France, Belgium and the Netherlands, +6.13€/MWh from Friday. With low exchanged volumes, the EUAs traded overall sideways…
On Sunday, OPEC+ members met for a rapid meeting, delivering a suite of production decisions going forward. The current production agreement between OPEC nations and non-core members including Russia, Kazakhstan is therefore extended to the end of 2022 vs April 2022 for the current deal. Furthermore, the group plans to execute monthly supply increases of 0.4…
European gas prices rebounded on Friday, supported by the strong rise in JKM prices in Asia (where high temperatures are driving demand up) and technical buying. On the pipeline supply side, Russian flows were stable at 163 mm cm/day on average yesterday, with the Nord Stream 1 gas pipeline still shut for a 10-day planned maintenance…
Spot power prices were mixed in NW Europe on Thursday with strong gains in France and significant losses in Germany. German wind power generation was unseasonably weak in June and in the first half of July (see graph of the day) while French nuclear generation remained relatively low as well, which provided support to spot…
With another decline in crude oil prices, especially at the prompt, and product prices remaining supported, European refiners are back closer to their average profitability levels. Indeed, ICE Brent crude futures declined further, to reach 73.1$/b for September delivery. The time structure also weakened, at 67 cents. Yet, product prices, especially light ends such as naphtha and…
