ICE Brent prices retreated to 71.3 $/b on early Monday, while time spreads continued to climb, at 43 cents at the prompt. Chinese crude oil imports in May were recorded at 9.65 mb/d, markedly lower than May 2020, and slightly below April’s level, amid a vast maintenance program for Chinese refiners. Rotation amid crude benchmarks…
The US economy added 559k new jobs in May, twice more than in April, but much less than what the ADP survey and jobless claims figures suggested. This tends to reinforce the Fed’s dovish strategy, although higher inflation should nevertheless quickly justify a reduction in bond purchases. Janet Yellen said a bit more inflation and…
The European power spot prices climbed just above the clean gas costs yesterday on forecasts of lower temperatures and wind production. All coupled, the day-ahead prices climbed to 71.80€/MWh in Germany, France, Belgium and the Netherlands, +5.55€/MWh on average from the previous day. Despite a bullish opening, the EUA dec.21 contract quickly reversed after hitting…
Brent 1st-nearby prices edged down yesterday, but they remain elevated, above $71/b. WTI prices are slightly below $69/b. Prices were dragged down by a strong dollar and the further sharp decline in US crude inventories was accompanied by a surge in product stocks. But in parallel, Saudi Arabia increased prices for its Asian consumers more…
European spot gas prices resumed their rise yesterday, mainly supported by lower pipeline supply. Indeed, Norwegian flows dropped significantly yesterday, averaging 265 mm cm/day, compared to 281 mm cm/day on Wednesday, following additional maintenance works at the Karsto terminal. As for Russian flows, they remained stable once again, at 332 mm cm/day on average. The…
