The power spot prices plunged in northwestern Europe yesterday on forecasts of surging wind output. Prices reached 29.35€/MWh on average in Germany, France, Belgium and the Netherlands, -38.67€/MWh day-on-day. The EUA prices sharply rebounded and eroded most of Wednesday’s losses with heavy exchanged volumes yesterday as the carbon prices falling below 50€/t boosted the buying…
Equity markets rebounded, bond yields edged down and the USD weakened: the impact of the Fed minutes has evaporated or maybe the markets are relieved to see the Fed starting to face up to the inflationary risk as long as the economic recovery is being confirmed. Preliminary PMIs will be released today. The bad Japanese…
The European power spot prices fell yesterday amid pressure from forecasts of strong renewable production and a drop in clean gas and coal costs as a consequence of the plunging gas and carbon markets. Prices reached 69.02€/MWh on average in Germany, France, Belgium and the Netherlands, -7.88€/MWh day-on-day. EUAs plunged by 6.4% and below 50€/t…
ICE Brent prompt contract collapsed to 66.6 $/b as the dollar strengthened, while prompt time spreads remained subdued at 15 cents, reflecting a balanced spot equilibrium. Iranian talks for rejoining the JCPOA appeared to be promising according to European diplomatic officials, while Indian refiners suggested that they were keen to make room for Iranian barrels…
European gas prices crashed yesterday, both on the spot and the curve, extending their previous session’s sharp losses. The market ignored the drop in Norwegian flows, which averaged 269 mm cm/day, compared to 286 mm cm/day on Tuesday, due to unplanned outages. Russian flows were stable, at 331 mm cm/day on average. It took direction from…
