Brent prompt prices are above $70/b ahead of the OPEC+ meeting (see the Daily Oil), which pushes inflation expectations and bond yields higher. Gold prices are on the rise too. The equity market resists well, as in parallel, activity is strongly recovering in the US, Europe and China. The euro posted gains vs the USD…
ICE Brent prompt prices traded at 69.1 $/b on early Monday, after a strong expiry for ICE Brent contracts. Crude stocks globally are dipping at an accelerated rate, in line with seasonal patterns and the start of the driving season. On the refined product side, the divide between tight US markets and rising European stocks are…
European gas prices extended (moderately) losses on Friday as the rise in temperatures continued to exert downward pressure. The drop in Asia JKM prices and in parity prices with coal for power generation (the drop in EUA prices offset the rise in coal prices) also provided some additional downward pressure. On the pipeline supply side,…
The Fed’s preferred measure of inflation accelerated to +3.1% yoy in April, but equities advanced further and the 10y bond yield fell below 1.6%. Markets still consider those tensions will remain transitory. The Chinese PMIs were solid in May, confirming the strengthening in domestic activity. By contrast, Japan looks closer to recession after weak retail…
Falling EUA and fuel prices dragged European power prices sharply down on the curve on Thursday on the back of an upward revision in temperature forecasts for early June. EUA Dec 21 prices slumped by almost 2 euros close-to-close, moving back below their 20-day moving average in what looks like a technical correction after several…
