Bulls kept control of European power curve prices on Thursday with concerns over poor nuclear availability pushing France Q4-22 base and peak prices to new record highs at €790/MWh and €1522.45/MWh respectively at the close on the EEX exchange yesterday. Cal-23 prices hit new highs across Europe as well on the back of another surge in gas prices following…
Buoyed by the soaring gas and carbon prices, the European power spot prices rebounded yesterday with additional support from forecasts of slightly lower wind output. The day-ahead prices hence averaged 339.51€/MWh in Germany, France, Belgium and the Netherlands, +30.60€/MWh day-on-day. The power curve prices posted hefty gains once again on Wednesday, driven up by the…
Bulls kept control of European gas prices on Wednesday with concerns over a slowdown in storage injections in June (see below chart) due to the drop in Russian gas flows through the Nordstream 1 pipeline and the shutdown of the Freeport LNG terminal providing strong support. Europe gas stock fullness rate sits at 57.8% as of June…
On Wednesday, oil benchmarks slid, ICE Brent for September delivery closed on a 1.2% loss at $112.45/b and WTI front month settled 1.8% lower to $109.78/b. During the first half of the day, oil gained ground (WTI traded at +2.0% ) but when the Energy Information Administration published its report for two weeks (ending 17 June and…
The statements of the central bankers meeting in Sintra, from the ECB or the Fed, are unambiguous: the priority is the fight against inflation. They are generally confident that a recession should be avoided, but warn that signs of economic slowdown do not distract them from their main short-term objective. Against this backdrop, equity markets continue…
