Crude oil prices scaled back to 66.9 $/b, amid the resolution of the US colonial pipeline issue on Thursday and selling pressure coming from CTA players in the rolling period of the month. The drop in flat prices was also due to a comparable decline in time spreads, indicating that prompt demand remains unusually low,…
European gas prices were mixed yesterday. Spot prices were up overall, still supported by below-normal temperatures and weak pipeline supply. Indeed, due to a combination of planned and unplanned maintenance works, Norwegian flows weakened yesterday, averaging 289 mm cm/day, compared to 299 mm cm/day on Wednesday. Russian flows remained stable at 331 mm cm/day on…
Significant market adjustments occurred on Wednesday and Thursday, as the US headline inflation was recorded at a 10-year high. The US consumer price index grew by 4.1% y/y in April and by 0.8% m/m, highlighting that the base effect from last year’s recession is not responsible for this acceleration in US inflation. Unsurprisingly, bond yields…
The power spot prices edged down yesterday in northwestern Europe as the market anticipated a slower activity ahead of the Ascension Day tomorrow and a weak solar production today, although the forecasts of lower temperatures may have limited the losses. Prices reached 68.74€/MWh on average in France, Germany, Belgium and the Netherlands, -3.43€/MWh day-on-day. Disregarding…
Crude prices remained stable at 68.8 $/b despite increasing concerns of refining throughput reduction, as the colonial pipeline crisis continued to be an issue for US petroleum markets. The API survey, which attempts to anticipate the EIA release, recorded a drop in commercial crude oil stocks of 2.5 mb, while gasoline stocks built by 5.6…
