European gas prices crashed yesterday, both on the spot and the curve, extending their previous session’s sharp losses. The market ignored the drop in Norwegian flows, which averaged 269 mm cm/day, compared to 286 mm cm/day on Tuesday, due to unplanned outages. Russian flows were stable, at 331 mm cm/day on average. It took direction from…
The Fed Minutes included a key sentence showing that some members are ready to start discussing the tapering of bond purchases, provided the economic recovery is being confirmed. Bond yields rebounded, the USD as well and US equities posted their 3rd straight decline. These movements remained limited nevertheless, far from the collapse of crypto-currencies, with…
The European power spot prices edged up yesterday amid forecasts of lower temperatures and wind output, although the increasing French nuclear availability may have limited the gains. Prices climbed back above the clean gas and coal costs which dropped alongside the falling gas and carbon prices to reach 76.90€/MWh on average in Germany, France, Belgium…
ICE Brent prompt contracts declined by a dollar, as prompt month time spreads dropped by 15 cents. The rise in the Eurodollar exchange rate did not affect crude prices, as Gulf coast refineries were hit by adverse storms, with refineries in Port Arthur, TX and Baton Rouge experiencing unexpected outages. US petroleum inventories may have…
European gas prices dropped significantly yesterday, both on the spot and the curve. With spot fundamentals almost unchanged, the bearish movement seems to have been triggered by the sharp decline in EUA prices, which pulled parity prices with coal for power generation significantly down, a signal that led to a selloff by some financial participants…
