ICE Brent prompt prices declined by a dollar, at 66.3 $/b for the July contract, following a weak end-of-month expiry. Gasoil and gasoline cracks continued to improve globally, with the ICE Gasoil crack reaching 5.3 $/b and the Singapore benchmark at 7.5 $/b at the prompt. Mobility in India continued to plunge last week but…
The EUR/USD exchange rate plunged by more than 1$ on Friday and is now trading just above 1.20. The preliminary estimates of Q1 GDP growth confirmed the double-dip recession in the euro area, while US March figures showed a record strong increase in personal income that foresees super strong growth in consumer spending for the…
European gas prices continued to rally on Thursday, supported by strong demand and prospects of a limited rise in Russian gas imports this year. Strong oil, EUA, coal and JKM prices were also supportive. Gazprom indicated at its investor’s day yesterday (slides here) that it was targeting exports to Europe in the 175-183 Bcm range in 2021 in its…
The forecasts of lower temperatures and weaker renewable production supported the power spot prices in north western Europe yesterday which rose just above the clean coal costs. Prices reached 70.36€/MWh on average in Germany, France, Belgium and the Netherlands, +7.87€/MWh day-on-day. The carbon prices eroded their losses from a bearish morning yesterday afternoon, likely driven…
ICE Brent prompt prices rose to 68.2 $/b as the June loading program for Forties crude would only amount for two cargoes, as planned maintenance on the Forties pipeline system should start in June. Forties crude is the largest physical stream of the Brent complex, usually loading up to 15 cargoes per month. Gasoline margins…
