ICE Brent prompt contract remained pegged to 66.5 $/b, as the dollar strengthened. Daily reported coronavirus cases in India were consistently above 200k. The US rig count edged higher by 7 units, as long-dated WTI prices also experienced a significant rise. This tallies with the increase in open interest for Brent contracts, as positive financial…
Equities and bonds are up at the same time, which likely reflects the fact that market participants remain optimistic about the economic recovery and the impact of vaccination campaigns, but look at the surge in new Covid cases in big countries such as Brazil and India with concern. There are also the raising tensions between…
ICE Brent prompt month reached 67.1 $/b on early Thursday, as the dollar continued to weaken and new data on the Chinese refining sector showed sustained activity throughout March. Light sweet crude prices in Asia are getting a boost from the increasingly uncompetitive European and African crude, as the EFS swap continues to be above 3$/b, favouring sour…
The European power spot prices faded further yesterday, weighed by the warming weather and forecast of slightly stronger renewable production and higher nuclear availability. Prices reached 64.29€/MWh on average in Germany, France, Belgium and the Netherlands, – 3.68e/MWh day-on-day with prices ranging from 61.18€/MWh in the Netherlands to 74.32€/MWh in France. The EUAs presented a…
European gas prices increased yesterday, supported by the downward revision of temperatures for the end of next week (initially, they were expected to increase above normal) and the relative weakness of pipeline flows. Indeed, Russian flows were down yesterday, at 322 mm cm/day on average, compared to 329 mm cm/day on Wednesday. Norwegian flows were…
