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…
In a rather quiet trading session as the UK market was closed, continental Europe gas prices rebounded yesterday as the bearish impact of the rise in temperatures started to fade. The rise in Asia JKM prices and in parity prices with coal for power generation (thanks to the increase in EUA prices) and technical buying…
ICE Brent prompt prices hiked to 70.3 $/b at the prompt, ahead of the OPEC meeting, as OPEC compliance in April remained good, at 122%, according to production surveys realized by third parties. Saudi Arabia and Iraq showed the biggest increases, while Iran and Nigeria experienced setbacks on their production facilities. Russian crude and condensate…
