No real change on financial markets: equities keep on advancing on optimism about growth, except in Asia where the spread of the variant brings more uncertainty, as restrictive measures are adopted in many places. But overall, optimism is still being fueled by the fact that vaccines seem to offer a good protection. Yet, bond yields…
The EIA confirmed a decline in commercial crude stocks of about 6.7 mb, maintaining September delivery ICE Brent contracts at elevated levels, 74.5 $/b. There is increasing uncertainty around the OPEC meeting today as the Russian and Saudi delegations’ opinions diverge. We still believe they will deliver a 500 kb/d production increase. If that does…
The bullish trend in European gas prices showed no sign of abating yesterday with all contracts posting strong gains ahead of a tight supply period with planned outages affecting Russian gas pipelines, no upside expected in Ukrainian transit and record low stock levels. NBP ICE month-ahead prices hit their highest level since January 2006 at…
As expected, the European power spot prices edged down yesterday amid forecasts of sharply rising wind output and weaker power demand, although today’s lower solar generation may have limited the bearish pressure. The day ahead-prices hence reached 88.69€/MWh on average in Germany, France, Belgium and the Netherlands, -2.73€/MWh day-on-day. Ignoring the pressure from the British…
The Bank of Japan’s Tankan points to activity rebound, but it should remain dependent on global recovery and what comes first is a new recession. Asian equity markets were down overnight on worries linked to the spread of the Delta variant. European markets followed the same trend yesterday, but US stocks were more resilient, with…
