The sharp rise in the euro area PMIs as well as the consumer confidence indicators is at odds with the current narrative concerning the euro area. It may actually reflect the fact that lockdown measures are increasingly bypassed and, without any surprise, less and less efficient to stop the pandemic. Hopes are now fully placed…
European spot gas prices were mixed again yesterday as fundamentals gave no clear trend. On the supply side, Norwegian flows were almost stable yesterday, to 331 mm cm/day on average, compared to 332 mm cm/day on Tuesday. The same for Russian flows, which averaged 328 mm cm/day, compared to 329 mm cm/day on Tuesday. As…
European spot gas prices were mixed yesterday, torn between the opposite effects of downward revision of temperatures and more comfortable pipeline supply. Indeed, Norwegian flows were significantly up yesterday, to 332 mm cm/day on average, compared to 306 mm cm/day on Monday. Russian flows were slightly up, averaging 329 mm cm/day, compared to 326 mm cm/day…
Crude oil prices plunged yesterday on raising concerns about global demand fuelled by bad news about the pandemic (see the Daily Eco). API data also pointed to a new rise in US crude stocks last week. The Brent 1st-nearby prices fell to almost $60/b and WTI prices to $57.25, their lowest levels since the first…
The European power spot prices faded yesterday amid forecasts of milder temperatures and stronger renewable production. Prices reached 57.08€/MWh in Germany, France, Belgium and the Netherlands, -4.02€/MWh day-on-day. Weakened by the warmer weather, the French power consumption eased further by 1.73GW to 61.46GW on average. The country’s nuclear generation however slightly improved to reach 44.29GW,…
