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…
US GDP growth came out just below consensus expectations at +6.4% on a qoq annualized basis, which pushed bond yields a bit higher but also US equities to new record-high levels. The euro area figures will be released today and they should confirm the comeback in recession, despite the activity rebound in France. Chinese PMIs…
The power spot prices edged down yesterday in north western Europe, torn between forecasts of stronger wind output but weaker solar generation and slightly lower temperatures. Prices reached 62.50€/MWh on average in Germany, France, Belgium and the Netherlands. The EUA prices continued to climb to new highs on Wednesday, driven by the surging gas prices,…
