European curve prices continued to increase

European spot gas prices were mixed yesterday, torn between the bullish impact of strong heating demand due to below-normal temperatures and the bearish impact of lower gas demand in the power generation sector (due to the sharp rise in wind generation) and higher pipeline supply. Indeed, Norwegian flows rebounded to 309 mm cm/day yesterday (compared…

Strong manufacturing recovery

Purchasing managers’ indices continue to be close or at historical highs in the manufacturing industry, pointing to strong growth in this sector. The small decline in the US ISM only shows that activity has ceased to accelerate in April. Bond yields are marginally down and the USD is rather stable: the EUR/USD exchange rate is…

EUA extended their bullish trend towards 50€/t on further speculative buying

As expected, the power spot prices dropped in north western Europe yesterday as the wind output is forecasted to surge today. Prices reached 33.33€/MWh on average in Germany, France, Belgium and the Netherlands, -30.87€/MWh day-on-day. The EUA prices continued to climb towards 50€/t over the first session of the week, lifted by further speculative buying…

EUAs climbed above 49€/t on short-covering and soaring gas market

The forecasts of surging wind and solar production pressured the power spot prices for today, although the expectations of overall lower temperatures might have limited the losses. The day-ahead prices reached 64.20€/MWh on average in Germany, France, Belgium and the Netherlands, -6.17€/MWh from Friday. The carbon prices rallied to a new record above 49€/t on…

European prices extended gains

European gas prices increased sharply on Friday. In addition to persistent concerns about Russian flows via Ukraine, there was the effect of the fall in temperatures below normal and the strong drop in Norwegian flows. Indeed, due to a technical outage at the giant Troll field, Norwegian flows collapsed to 260 mm cm/day on Friday,…

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