European spot gas prices rebounded yesterday. Despite the drop in residential demand due to the sharp rise in temperatures, weaker pipeline supply left gas balances not so comfortable. Indeed, Norwegian flows dropped yesterday to 280 mm cm/day on average, compared to 285 mm cm/day on Friday. Russian flows were also lower, averaging 322 mm cm/day,…
European gas prices were mixed on Friday. Lower residential gas demand due the sharp rise in temperatures and higher pipeline supply exerted downward pressure on spot prices. Indeed, Norwegian flows rebounded significantly on Friday, averaging 285 mm cm/day, compared to 265 mm cm/day on Thursday, after capacity at the Karsto gas processing plant recovered. As…
The forecasts of a wind shortage supported the European power spot prices for today which rose above the clean gas and coal costs despite the warmer temperatures expected in the upcoming hours. The day-ahead prices reached 77.35€/MWh on average in Germany, France, Belgium and the Netherlands, +5.55€/MWh from Friday. Extending Thursday’s downward move, the EUA…
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…
