The ECB has already started to increase its asset purchases in order to address rising bond yields. There has been a curious respite on the US bond market in the wake of the vote of the stimulus package but yields are up again, while the move is smaller in the euro area, thanks to the…
The surging wind output over central western Europe combined with above-average temperatures and rather inflexible nuclear generation strongly pressured the power spot prices yesterday. The Belgian day-ahead contract presented the deepest fall (down to 0.25€/MWh on average, -48.02€/MWh day-on-day) with prices dropping as low as -51.50€/MWh for the 12am-1pm hour. In Germany, France and the…
Crude prices remained broadly steady as the EIA weekly snapshot reflected a growing discrepancy between US crude oil and fuel markets with a net build in inventories of 1.3 mb. Similarly to last week, recovering refining runs in Texas was unable to follow the pace of crude production or fuel demand, leading to a 13.8…
European gas prices extended gains yesterday, supported by the downward revision of temperatures. On the pipeline supply side, Norwegian flows were up yesterday, averaging 329 mm cm/day, compared to 315 mm cm/day on Tuesday. But Russian flows were lower, at 320 mm cm/day on average, compared to 327 mm cm/day on Tuesday. The rise in…
As expected, the House passed the stimulus bill yesterday. First checks will be sent as soon as this month the Treasury promised. In parallel, the bond market was reassured by lower-than-expected core inflation figures and a quiet 10-year Treasury bond auction. The US 10-y bond yield eased slightly further and the stock market posted some…
