On Monday, after a two-hour-long delay, the OPEC+ meeting was cancelled. Divergences between the UAE and the rest of the group, particularly Saudi Arabia, were too large to have a constructive meeting. The group’s agreement fallback clause remained in place, no increase of production was authorised for August to this date. Needless to say, as most…
European gas markets experienced another strong upward move on Monday as transport capacity auctions for the next gas year closed at noon with no capacity booked at key entry points for Russian gas flows. TTF Cal+1 prices settled at a new 8-year high at €26.50/MWh: last time they traded at this level, Brent 1st nearby…
Limited moves on financial markets, as US markets were closed yesterday and the release of the Fed minutes, tomorrow, should be the main event this week. The German ZEW survey, the euro area retail sales and the purchasing manager indices in services in the US will be the main economic reports today. The unexpected fall in…
The north western European power spot prices for today slightly faded compared to Friday amid forecasts of similar renewable production levels but improved French nuclear availability. Clearing between the clean coal and gas costs (with the latter now about 4€/MWh above the first), the day-ahead prices hence reached 93.47€/MWh on average in Germany, France, Belgium…
OPEC+ members did not achieved significant progress over the weekend to agree on a production policy going forward. The group is meeting today for another round of talks, where Saudi Arabia and Russia will try to persuade the UAE to join the rest of the group in their production agreement extension. ICE Brent prompt contracts…
