European spot gas prices increased yesterday, mainly supported by strong heating demand due to below-normal temperatures and production issues in the UK. Moreover, due to an unplanned outage at the Asgard gas field, Norwegian flows weakened to 302 mm cm/day yesterday, compared to 309 mm cm/day on Monday. Russian flows increased to 331 mm cm/day…
The equity market plunged yesterday, allegedly on comments from Janet Yellen that interest rates could rise as a result of massive stimulus packages in the US. The cause and effect link is far from being established and the market has been nervous for a while, especially in the tech sector. Besides, the bond and FX…
ICE Brent prompt prices rallied to 67.3 $/b, without significant fundamental change. The Dubai benchmark, pricing crude delivered to Asia, continued to weaken compared to European and US crude as the time structure of swaps rapidly worsened. Asian product cracks reacted differently to the Indian health crisis, as gasoil cracks remained supported and gasoline margins…
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…
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…
