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…
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 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…
ICE Brent crude oil remained at 68.9 $/b, as the API survey showed a continued drop in US crude stocks while refined product stocks dipped by a combined 7 mb, highlighting the strength of the US refined product market. European refining runs were recorded at 8.6 mb/d in April, only above last year’s slump by…
European gas prices increased strongly yesterday, mainly supported by the failure (once again) of Ukrainian TSO to sell any of the interruptible capacity it offered at the Russia-Ukraine border for June delivery at yesterday’s auction. Indeed, this suggests Gazprom would maintain deliveries through Ukraine stable, at levels well below those of last year. The rise in…
