The benchmark TTF ICE month-ahead contract (July 21) reached its highest level since October 2008 at €29.40/MWh at the close on Friday, supported by planned outages at LNG import terminals in France and the Netherlands reducing LNG supply, a steady energy complex with gains in oil, coal and EUA prices and the late publication of an unplanned…
The impact of the Fed meeting is still being felt in the markets: inflation expectations have crashed (see the Graph of the day) and bond yields have followed, the US 10y falling below 1.4% overnight. The USD continued to strengthen. The EUR/USD pair plunged below 1.19. In parallel, equities plunged as well. This is the…
The European power spot prices remained overall stable yesterday as the expectations of increased French nuclear generation offset the forecasts of slightly weaker wind and solar production. The day-ahead prices hence reached 80.31€/MWh, +0.92€/MWh day-on-day. The EUAs extended their retreat at the market open yesterday as supply concerns and a weak auction continued to pressure…
ICE Brent prices reversed to 72.6 $/b, as the dollar surged against other currencies, due to the more hawkish US macro policy outlook. Interestingly, time spreads at the prompt climbed higher during this event, still valued at 80 cents at the prompt, as fundamentals were not affected by macroeconomic policy. WTI-Brent spreads reversed slightly but…
Falling LNG sendouts since the beginning of June in NW Europe (see the graph in our Daily Gas section) and steady gas-to-power demand notably for cooling purposes dragged European prompt gas prices higher on Thursday after two days of easing. Planned maintenance work at the Dutch Gate LNG terminal and the French Fos Cavaou LNG terminal have cut…
