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%…
The European power spot prices for today are slightly up compared to Friday, lifted by expectations of weaker wind output and French nuclear availability, although the forecasts of stronger solar generation are likely to have limited the gains. The day-ahead prices hence climbed to 93.43€/MWh on average in Germany, France, Belgium and the Netherlands, +3.19€/MWh…
Last week’s crude oil price decline was likely caused by a broad selloff in Brent and WTI futures, as total open interest declined significantly. Looking at ICE Brent futures positioning, every category (managed- money, merchant players, swap dealers) reduced their exposure, as volatility was expected to rise, amid an uncertain OPEC+ production policy. Last week’s crude…
