Crude oil prices remained stable on Thursday, at 63 $/b for the prompt ICE Brent contract. Looking at refined products, prompt ICE gasoil crack is now above 5 $/b and slow recovery from last month’s slump. Low physical spot prices globally triggered Indian buyers to bid on West African cargoes. Biodiesel prices in the US…
The EUR/USD exchange rate closed above 1.19 and its 200-day moving average yesterday. Reassuring words from the Fed chairman and the release of the account of the last ECB meeting left the impression that the Fed was more determined than the ECB to pursue an ultra-accommodating policy. US bond yields fell further, the 10y nearing…
Most power spot prices continued to rise in north western Europe yesterday amid cold (although rising) temperatures and weakening wind production. The spot prices reached 59.45€/MWh on average in Germany, Belgium and the Netherlands, +5.14€/MWh day-on-day, and 71.51€/MWh in France, -3.75€/MWh from the day prior due to the higher nuclear availability expected today. EUAs slightly…
Despite dwindling US crude inventories, global crude prices fell on Wednesday and remained below 63 $/b for prompt ICE Brent contracts, as surprise builds in US gasoline stocks and worsening health situation in Europe, Canada and India limited the upside. With Russia producing at a higher rate in April and the US State department highlighting that the…
European gas prices weakened overall yesterday, pressured by the expected rise in temperatures from today. The drop in parity prices with coal for power generation (both EUA and coal prices were down) provided additional downward pressure. On the pipeline supply side, Norwegian flows were slightly down yesterday, averaging 344 mm cm/day, compared to 346 mm…
