The European power spot prices jumped near 100€/MWh yesterday as the forecasts of dropping wind output offset the falling clean gas and coal costs. The day-ahead prices hence reached 97.79€/MWh on average, +20.82€/MWh day-on-day. Eroding all the gains from the two previous weeks in the largest sell-off seen since 2006, the EUA prices plunged by…
ICE Brent and WTI’s entire forward curve sold off yesterday by about 3$/b, as the whole commodity complex suffered from a continued rise of the dollar. However, time spreads remained tight, with ICE Brent M1-M2 at 95 cents. The uncertainty revolving around the OPEC production policy path remained elevated, with no ongoing negotiations reported. Saudi Arabia…
European gas prices dropped significantly yesterday, pressured by below-normal demand and technical correction, which outweighed the impact of lower Russian supply. Indeed, due to maintenance at Mallnow (landing point of the Yamal pipeline), Russian flows dropped to 266 mm cm/day yesterday, compared to 322 mm cm/day on Monday. As for Norwegian flows, they dropped very…
A lower-than-expected ISM in services in June (down from 64 to 60.1) in the US triggered a sharp fall in bond yields. Despite recent tensions on oil prices, the markets really seem to gradually abandon the reflation trade. As shown by the Graph of the day, the US 10y has declined from 1.6% to 1.35% since early June.…
The power spot prices dropped in northwestern European yesterday amid forecasts of surging wind output , stronger solar generation and improved French nuclear availability for today. The day-ahead prices hence reached 76.98€/MWh in Germany, France, Belgium and the Netherlands, -16.49€/MWh day-on-day. The European carbon prices jumped by nearly 1€/t and above 58€/t in the first…
