Crude prices continued to weaken on Wednesday despite the dollar edging lower, as the physical market’s weakness filtered through the futures’ market. Weak physical crude markets were combined with crashing diesel cracks, at the centre of refiners’ profitability. US petroleum stocks, reported by the EIA, showed a 3.6 mb build across crude and products. Sustained…
The Fed expressed more optimism about economic prospects, no worry about raising bond yields and saw no need to hike rates before 2024. The markets’ reaction was rather calm, but the USD plunged and the EUR/USD exchange rate rebounded unexpectedly from 1.19 to 1.1980. Share this news : Share on twitter Share on linkedin Share…
The European power spot prices remained mostly stable yesterday amid forecasts of lower temperatures and wind output but stronger hydro generation. Prices reached 56.71€/MWh on average in France, Germany, Belgium and the Netherlands, +0.58€/MWh from Monday but still below the clean coal costs. The dropping temperatures continued to strengthen the French power consumption which increased…
European gas prices weakened again yesterday as profit taking continued to exert downward pressure. The drop in parity prices with coal for power generation (both EUA and coal prices were down) provided additional downward pressure, particularly for curve prices. On the pipeline supply side, due to maintenance works at the Aasta Hansteen gas field, Norwegian…
Brent futures prices recovered as of early Wednesday, at 68.8 $/b as the API survey showed a surprise draw in crude oil stocks, demonstrating a faster rebalancing of the US crude market. Japanese weekly statistics showed a continued recovery in refining runs. Imports were likely up as commercial crude stocks rose by 1 mb. European…
