US inflation grew by 5.3% y/y in June according to the BLS on Tuesday. If we remove the volatile effect of gas prices and food inflation, core inflation was recorded at 4.3% y/y in June. In a testimony to the U.S. House of Representatives financial services committee, Jerome Powell remained confident that the “transitory” nature of this…
Prices dropped significantly yesterday in most European gas markets, pressured by higher supply and technical selling. Indeed, Russian supply rebounded to 310 mm cm/day on average yesterday, compared to 267 mm cm/day on Friday, as the Yamal pipeline has fully returned from maintenance. Norwegian flows increased to 342 mm cm/day on average, compared to 333…
The power spot prices edged up in northwestern Europe yesterday, torn between forecasts of weaker renewable production and expectations of improved nuclear availability and lower power demand. The day-ahead prices reached 94.65€/MWh on average in Germany, France, Belgium and the Netherlands, +1.22€/MWh day-on-day. The EUAs dropped by 2.55€/t (-4.7%) in a volatile first session of…
ICE Brent prompt contract remained within a tight range close to 75.5 $/b, as there was little development on the OPEC+ side, confirming the tight bias of the market ahead of the summer. The Chinese June’s import data showed declining crude oil imports, at 9.7 mb/d, compared to the buying spree of last year, at 12.9 mb/d.…
The dollar remained range-bound yesterday, as bond prices remained stable. Equities globally resumed their slow growth, lifted by tech stocks and the banking sector. The VIX rapidly plunged back to 16.2 points, as markets are pricing low at-the-money volatility for US indices. China’s June trade data showed a significant monthly expansion. exports in dollar terms grew by 32%…
