The European power spot prices are mixed for today compared to Friday as the dropping nuclear availability and higher clean gas costs supported the French and Belgian prices while the contracts in the Netherlands and Germany faded on forecasts of strong solar generation. The day-ahead prices hence averaged 315.65€/MWh over the four countries, -1.71€/MWh from…
On Friday oil benchmarks ended the week on a gain: ICE Brent front month climbed by 2.4%, to settle at $111.64/b while NYMEX WTI traded 2.5% higher and closed at $108.43/b. This was a low-volume day, ahead of a 3-days weekend in the US. This bullish market came as traders were more concerned with supply…
At the end of a volatile day, oil closed lower. ICE Brent for September delivery (the new front month) settled at $109.03/b, that is a 3.0% loss. And, NYMEX WTI moved -3.7% to $105.76/b. OPEC+ ambassadors decided to raise output quota by 648kb/d in August, in line with expectations. This was the final output increase of the…
European gas prices were up overall yesterday, still supported by uncertainties on Russian supply and LNG flows (following the shutdown of the US Freeport LNG terminal and the disruption of loadings at the Shell’s Prelude FLNG terminal in Australia). The rise in coal prices (+1.88% for API2 1st nearby prices, +1.50% for Cal 2023 prices)…
For the first time since the beginning of the year, US consumer spending contracted in real terms (deflated for inflation) in May, amplifying recession fears and the downward correction in equity markets. Overall, the S&P 500 fell by 20.8% in the first half of the year, the Nasdaq by 30% and in Europe, the Euro Stoxx 50 by 19.8%.…
