Financial markets should remain rather cautious today ahead of the end of the Fed meeting. We do not expect any policy change, but the tone of the statement and comments from Jerome Powell will be closely monitored. Inflation expectations continue to rise, pushing US bond yields and the USD higher. The European Union lives in…
The European power spot prices climbed back above the clean gas costs yesterday, lifted by the forecasts of weaker wind output and lower temperatures. Prices hence reached 56.13€/MWh on average in Germany, France, Belgium and the Netherlands, +1.97€/MWh from Friday. The colder weather strengthened the French power consumption on Monday which rose by 1.97GW from…
ICE Brent prices dipped on Monday as European countries such as France, Germany and Italy stopped vaccination campaigns with AstraZeneca’s vaccine, concerned by potential side effects. The delayed economic recovery puts pressure on product margins, especially ICE gasoil cracks. Iranian crude oil exports smuggled to China are now expected to reach 1 mb/d in March…
European gas prices dropped yesterday, pressured by the (slight) upward revision of temperatures for this week. The drop in parity prices with coal for power generation (thanks to lower EUA prices) provided additional downward pressure, particularly for curve prices. On the pipeline supply side, Norwegian flows increased slightly yesterday, at 340 mm cm/day on average,…
The main EU countries have suspended the AstraZeneca vaccine over concerns it may cause blood clots. This is another blow to the vaccination campaign in the EU that has gone from bad to worse since the beginning. It adds to delivery problems already encountered in particular for this vaccine. Moreover, confidence in the AstraZeneca vaccine…
