Optimism seems returning on financial markets for the end of this week: equities have rebounded, while bond yields remained stable. The USD lost some ground, pushing the EUR/USD exchange rate up to 1.2070. Good economic figures in the US ahead of likely strong job creation in April as well as optimistic comments from the BoE…
The European power spot prices rose further up yesterday amid forecasts of colder temperatures and dropping wind output. Much closer than the previous day, the day-ahead prices reached 69.84€/MWh on average in Germany, France, Belgium and the Netherlands, +21.53/MWh day-on-day. The carbon prices rose throughout Wednesday, eroding most of Tuesday’s losses as the market tracked…
ICE Brent prompt contract eased to 69 $/b, as EIA released a slightly less bullish set of numbers compared to the API survey for the US petroleum market. US crude stocks were still depleted by 8 mb, as refineries ramped up by 0.2 mb/d w/w. Saudi OSPs to Asia for June shipments were set lower…
European spot gas prices extended gains overall yesterday. In addition to above-normal demand, lower pipeline supply contributed to tighten gas systems further. Indeed, due to several additional maintenance works, Norwegian flows dropped to 282 mm cm/day yesterday, compared to 302 mm cm/day on Tuesday. Russian flows remained stable at 331 mm cm/day on average. Curve…
There is a BoE meeting today. While some expect some changes in its QE policy, the consensus remains on stability. One after the other, Fed members are also starting to talk about a decrease in asset purchases. While that may mean that rate hikes may come sooner than expected, this also lowers the long-term inflation…
