Prices up on the spot and the curve

European gas prices increased yesterday, both on the spot and the curve. Temperatures were revised slightly colder early next week. On the pipeline supply side, due to maintenance works, Norwegian flows weakened again yesterday, averaging 313 mm cm/day, compared to 319 mm cm/day on Wednesday. Russian flows were stable, at 323 mm cm/day on average.…

Market power at its finest

Crude prices rallied by 5% as OPEC decided to roll over the current production agreement, while Saudi Arabia extended its voluntary cut for another month. The radical change in the group’s strategy, now aiming at price appreciation instead of volumes, is predicated on the assumption that US producers will not enter the market in 2021.  …

Bond yields keep on rising, the USD follows

Jerome Powell, the Fed chairman, repeated more or less word for word what Lael Brainard said previously, but markets expected something more specific pointing to possible intervention to cap the rise in bond yields. So, the US 10y surged higher and remains above 1.56% this morning. The move triggered another sharp downward correction in US…

EUAs retreated amid weaker energy complex

Lifted by the expectations of colder temperatures, the European power spot prices slightly rose yesterday despite the forecasts of higher wind output and nuclear availability. Prices hence reached 54.13€/MWh on average in Germany, France, Belgium and the Netherlands, +2.37€/MWh day-on-day. The French power consumption eased by 0.76GW on Wednesday to 58.76GW on average. On the…

European curve prices down

European spot gas prices were mixed again yesterday, torn between the opposite impacts of lower temperatures and higher LNG supply. Once again, the trend was more clearly bearish for curve prices; this time, the drop was more in line with the drop in parity prices with coal for power generation (following lower EUA and coal…

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