The European power spot prices slightly recovered after the French public holiday curbed the country’s power demand on Wednesday. The day-ahead prices for today reached 81.88€/MWh on average in Germany, France, Belgium and the Netherlands, +2.43€/MWh day-on-day. The European Commission finally published its “fit for 55” legislative proposals to reach the recently raised EU 55%…
ICE Brent prompt contracts declined to 74 $/b, from 76.5 $/b between Tuesday and today, as sources within OPEC+ mentioned that a deal was within reach between Saudi Arabia and the UAE. The UAE could potentially be allowed to pump 3.61 mb/d during the extension of the current deal, between April and December 2022. Following…
European gas prices dropped yesterday, pressured by lower demand and profit taking. They even ignored the drop in pipeline supply. Indeed, Russian supply dropped to 163 mm cm/day on average yesterday, compared to 310 mm cm/day on Monday, as the Nord Stream 1 gas pipeline was shut for a 10-day planned maintenance from Tuesday 13…
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…
