The bullish trend in European and Asian gas prices showed no sign of abating on Tuesday with benchmark TTF and JKM contracts hitting new multi-year highs. TTF time spreads are in unchartered territories: WIN 21-SUM 22 above €10/MWh and Cal 2022-Cal 2023 above €4/MWh. In Europe, rising coal and EUA prices, low inventories levels and tight…
His written remark released on Monday had already shown he wanted to mitigate or even erase the effect of the “dots” on the market. His speech to Congress yesterday confirmed that. The equity market was on the rise again as well as inflation expectations, but they remain lower than before the Fed meeting. Same thing…
As expected, the power spot prices in NWE rose yesterday and climbed above the clean gas and coal costs amid support from forecasts of dropping wind and solar generation and stronger power demand. The day-ahead prices reached 83.96€/MWh on average in Germany, France, Belgium and the Netherlands. The bullish gas market drove the carbon prices…
While ICE Brent prompt price for August expiry jumped to 75 $/b on early Tuesday, the spread between US crude (light sweet WTI) and the ICE Brent benchmark narrowed spectacularly from –2.4 $/b to –2 $/b. Gasoil cracks and other refined product prices did not rally as quickly as crude prices, leaving the ICE gasoil…
Bond yields have rebounded, equities as well and the USD has lost some ground, the EUR/USD exchange rate returning above 1.19… before falling back below this morning. Fed speakers have in general been reassuring about inflation, but their speeches show different opinions. The market seems a bit lost and does not really know what to…
