Stocks depletion at risk

ICE Brent prompt prices weakened at 68.4 $/b, as the dollar rebounded. Fundamentals remain somewhat weak, as Japanese commercial stocks built, amid a continued drop in Japanese refining runs, markedly lower than seasonal patterns. Australia and Singapore were hit with a fresh batch of lockdown measures, limiting the upside for Asian runs. In the west,…

Power prices strengthen further across Europe

Despite a late downward correction in clean fuel costs after a strong opening, European power prices held gains and closed higher again on Wednesday. Prospects of a sharp drop in wind power generation (from 20 GW at the beginning of the week to 6.2 GW expected next week in Germany) and the combination of relatively high power demand…

European prices maintained their uptrend

European gas prices were up yesterday, maintaining their uptrend amid ongoing tight fundamentals. While Russian supply remained desperately stable (at 332 mm cm/day on average), Norwegian flows dropped significantly yesterday, averaging 253 mm cm/day, compared to 278 mm cm/day on Tuesday, due to a power failure that led to a partial interruption of daily processing…

Very calm. Slight rise in the USD

Markets are quiet. The most noticeable move yesterday was the slight increase in the USD after Fed officials repeated more or less the message that appeared in the last Fed minutes: it will be soon important to start the discussion about the reduction in bond purchases. But they also repeated that inflationary tensions will remain…

Strong clean fuels push European power prices higher

Strong gains in clean fuel costs pushed European power prices higher on the curve on Tuesday. Gazprom’s decision not to book additional transport capacity through Ukraine for June was the main bullish driver for European gas prices yesterday. EUA prices trended higher despite divergences among the European council over the economic impact of the EU ETS…

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