The rebound in new Covid cases in some Asian countries and in the UK is a threat for the current economic recovery. In the US, this is more the slippage in inflation that could derail the recovery in the short-term. Consumers are starting to show clear signs of worry and the Fed is probably less…
The European power spot prices rebounded yesterday, supported by forecasts of weak wind production, below-normal temperatures and an increased power demand compared to the Ascension Day. Prices reached 71.81€/MWh on average in Germany, France, Belgium and the Netherlands, +0.07€/MWh day-on-day. The EUAs sky-rocketed to a new high above 55€/t on Wednesday as the carbon market…
Crude oil prices scaled back to 66.9 $/b, amid the resolution of the US colonial pipeline issue on Thursday and selling pressure coming from CTA players in the rolling period of the month. The drop in flat prices was also due to a comparable decline in time spreads, indicating that prompt demand remains unusually low,…
European gas prices were mixed yesterday. Spot prices were up overall, still supported by below-normal temperatures and weak pipeline supply. Indeed, due to a combination of planned and unplanned maintenance works, Norwegian flows weakened yesterday, averaging 289 mm cm/day, compared to 299 mm cm/day on Wednesday. Russian flows remained stable at 331 mm cm/day on…
Significant market adjustments occurred on Wednesday and Thursday, as the US headline inflation was recorded at a 10-year high. The US consumer price index grew by 4.1% y/y in April and by 0.8% m/m, highlighting that the base effect from last year’s recession is not responsible for this acceleration in US inflation. Unsurprisingly, bond yields…
