Yesterday’s meeting for OPEC+ members was adjourned, despite a partial agreement reached between the two heavyweights of the group, Saudi Arabia and Russia. The agreement suggested was to add less than 0.5 mb/d per month between August and December, August’s crude production ramp-up was suggested at 0.4 mb/d. The UAE blocked this agreement and asked…
European gas prices reached new highs on Thursday in another extremely bullish trading session. TTF month-ahead prices traded at a new all-time high at €37.50/MWh intraday while NBP month-ahead prices topped 91.9 p/th, a level not seen since an extremely cold month in November 2005 in the UK. At the spot level, Spanish day-ahead prices…
No real change on financial markets: equities keep on advancing on optimism about growth, except in Asia where the spread of the variant brings more uncertainty, as restrictive measures are adopted in many places. But overall, optimism is still being fueled by the fact that vaccines seem to offer a good protection. Yet, bond yields…
The EIA confirmed a decline in commercial crude stocks of about 6.7 mb, maintaining September delivery ICE Brent contracts at elevated levels, 74.5 $/b. There is increasing uncertainty around the OPEC meeting today as the Russian and Saudi delegations’ opinions diverge. We still believe they will deliver a 500 kb/d production increase. If that does…
The bullish trend in European gas prices showed no sign of abating yesterday with all contracts posting strong gains ahead of a tight supply period with planned outages affecting Russian gas pipelines, no upside expected in Ukrainian transit and record low stock levels. NBP ICE month-ahead prices hit their highest level since January 2006 at…
