US inflation reached 5% in May, its core component touching its highest level since 1992 at 3.8%. Yet, the market remains convinced this is only temporary. The Fed will meet next week, but the ECB announced it would prolong its extra purchases of bonds, which reinforced the market’s conviction that the Fed would also keep…
The European power spot prices edged up yesterday, supported by the rising fuels and carbon prices, the lingering wind shortage and the solar production expected dampened by the partial eclipse today, although the above-average temperatures continued to weigh on the market and limited the gains. The day-ahead contracts reached 78.56€/MWh on average in Germany, France,…
European spot gas prices were up again overall yesterday, supported by an additional tightness on supply. Indeed, Norwegian flows dropped significantly yesterday to 150 mm cm/day on average, compared to 284 mm cm/day on Tuesday, due to a planned heavy maintenance at Kollsnes and Troll and an unplanned outage at Karsto. As for Russian flows,…
ICE Brent price declined to 71 $/b after a rather mixed EIA report showing crude draws combined with large product builds, as US refineries ramped up their utilization rate to 91% and product imports were at record high values. US inflation numbers could shape the crude market dynamics for this week. Share this news :…
These are the key events of the week: the ECB meeting and the May US inflation report. The ECB is expected to extend its extra bond purchases and US inflation to accelerate further. In front of that, bond yields are falling sharply: the US 10y plunged below 1.5% for the first time since early March.…
