European gas prices extended gains yesterday, supported by rising temperatures, ongoing weak supply and strong Asia JKM prices (+2.59% on the spot, to €41.291/MWh). On the pipeline supply side, Russian flows remained stable at 163 mm cm/day on average yesterday, with the Nord Stream 1 gas pipeline still shut for a 10-day planned maintenance that…
European equities had their worst day of the year and US equities plunged the most in two months. Bond yields were sharply down, the US 10y falling below 1.2%, its lowest level since February. Implicit inflation expectations fell as well and the yield curve flattened further… etc. To sum up, the exit from the reflation trade sharply…
After US equities recorded their first decline in 4 weeks last week, Asian markets fell on growing concerns over the quick spread of the Covid delta variant. US 10-year bond yields continue to fall, now below 1.3% and the USD is strengthening, with the EUR/USD below 1.18. The UK example shows that despite a still rather low rate…
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…
