Strong uncertainty around the timing of a potential return of Iranian oil on the market pushed the OPEC+ group to just confirm what had been decided previously: output will increase further in July, but nothing is planned afterwards. Brent 1st-nearby prices almost touched their highest level of the year, above $71/b, before adjusting slightly downwards.…
The power spot prices remained stable in northwestern Europe yesterday amid forecasts of slightly warmer temperatures, stronger wind output and lower French nuclear availability. Prices reached 66.57€/MWh in Germany, France, Belgium and the Netherlands, -1.67€/MWh day-on-day. The EUAs rose by 2.7% and above 53€/t at the market open on Tuesday, lifted by a combined sharp…
European gas prices continued to rebound yesterday, still supported by concerns on tight spot fundamentals. Despite lower demand, pipeline supply remains relatively weak, which maintains European gas stocks significantly below last year levels: they were 37% full on 31 May, compared to 73% last year. The rise in Asia JKM prices and in parity prices…
Markets are hesitant. It is a case of the glass being half full or half empty. The manufacturing ISM, the main US leading indicator, was high and up in May, but details of the reports were worrying about inflation. The Fed’s Beige Book will be closely watched today. The euro area inflation rate also reached…
The European power spot prices remained stable yesterday, torn between expectations of slightly stronger demand and higher wind production. The day-ahead prices reached 68.24€/MWh on average in Germany, France, Belgium and the Netherlands, +1.15€/MWh day-on-day. Buoyed by the oil and gas prices recovery observed throughout the day, the EUA prices edged up on Monday amid…
