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,…
Crude prices regained the lost ground of last week, with ICE Brent September contract at 74.6 $/b. India plans to further commercialize its SPR, in an effort to free some of its idle crude oil reserves, and to promote market-driven storage, in a time where backwardation incentivize commercial players to release stocks. With similar concerns, China also…
European spot gas prices increased yesterday, supported mainly by lower Norwegian supply. Indeed, Norwegian flows were significantly down, averaging 275 mm cm/day, compared to 309 mm cm/day on Friday, due to an unplanned outage at the Troll field. By contrast, Russian supply jumped to 331 mm cm/day on average (compared to 271 mm cm/day on…
