Despite the rapid depletion of US commercial crude stocks, crude futures remained range-bound on early Wednesday, at 74.9 $/b at the prompt. US crude inventories may have dipped by 8.1 mb, while US product inventories built at a more marginal pace. Globally, crude stocks dipped last week by a sizable amount, especially in the Middle…
European gas prices skyrocketed on Tuesday as GTSOU failed to sell monthly interruptible transport capacity at the UA/RU border once again, fuelling concerns over a tight Russian gas supply outlook for July. Indeed, flows through both Yamal and Nord Stream 1 pipelines are due to halt for their annual shutdown (6-10 and 13-23 July respectively)…
The European power spot prices edged up yesterday as the higher fuels and emissions price combined with the expectations of stronger power demand offset the forecasts of rising wind output. Prices hence reached 90.93€/MWh on average in Germany, France, Belgium and the Netherlands, +2.54€/MWh day-on-day. The lingering and strengthening support from the tight gas market…
ICE Brent prompt contract declined to 74.5 $/b at the prompt, in a volatile start of the week. Russian output in June averaged 10.42 mb/d vs 10.45 mb/d in May, questioning the ability of Russia to effectively ramp up crude production. Despite the drop in crude prices, European diesel cracks felt even stronger, at 4.8…
Prospects of more comfortable supply with the return of some Norwegian production capacity and French regas capacity this week kept a lid on European gas prices on Monday after seven consecutive sessions of gains. A downward correction in Brent prices also filtered through the Asian spot LNG benchmark and the EU gas far curve which…
