OPEC members in their latest meeting decided to ramp up progressively output up to July, where they expect output to rise by at least 1.1 mb/d. Some concerns remained over the normalization pace of stocks, the strength of the physical crude market and refining margins. The impact on prices was muted, with ICE Brent prices…
European gas prices were generally up again yesterday, supported by falling temperatures and lower Norwegian supply. Indeed, due to an unplanned outage at the Oseberg gas field, Norwegian flows dropped significantly yesterday, averaging 314 mm cm/day, compared to 337 mm cm/day on Wednesday. Russian flows were slightly down, at 327 mm cm/day on average, compared…
US bond yields weakened on Thursday as US employment data showed signs of a cooling US labour market. US 10Y treasury yields touched 1.67%, 7 basis points below Wednesday. Very strong US manufacturing data boosted growth expectations, with the Dow Jones rising by 1.2%. Japan’s Nikkei also rose by 0.6%. European indices grew similarly by…
The power spot prices in NWE fell below the clean gas costs yesterday, pressured by forecasts of weaker demand and surging wind output. Prices reached 51.92€/MWh in Germany, France, Belgium and the Netherlands, -5.22€/MWh day-on-day. After a downward correction midday induced by a weak auction result and dropping oil prices, the EUAs rebounded in the…
ICE Brent prompt contract recovered to 63.6 $/b on early Thursday after a loss on Wednesday. The EIA weekly report showed a rapidly improving US demand, with gasoline and jet outperforming expectations. Biden’s $2 trillion economic stimulus package showed a growing emphasis on road infrastructure, which will likely have a bullish outlook for industrial commodities…
