The European power spot prices started falling yesterday amid forecasts of surging wind output, rising temperatures and stronger hydro production. Prices hence eroded 10.31€/MWh from the day prior in Germany, France, Belgium and the Netherlands to reach 50.60€/MWh on average. Despite higher temperatures, the French power consumption slightly strengthened by 1.10GW on Tuesday to average…
European gas prices were up overall yesterday, supported by the downward revision of temperatures and the ongoing weakness in Norwegian supply. Indeed, due to maintenance works, Norwegian flows were 315 mm cm/day on average yesterday, compared to 316 mm cm/day on Monday, below the 326 mm cm/day of February and 336 mm cm/day of January.…
ICE Brent crude prompt future continued to weaken towards 67 $/b mainly due to a rather bearish API data survey, showing that the US crude market continued to be strongly oversupplied, while Texan refineries struggled to ramp up output. Japanese markets showed weakness too, as refining runs struggled to ramp-up despite falling oil products inventories. …
The 3.7% rebound in the Nasdaq yesterday has all the characteristics of the so-called “dead cat bounce”, a brief moment of respite in a bear market. It was linked to some improvement in the bond market for not very obvious reasons, the US 10-y bond yield easing below 1.55%. But inflation fears should quickly reappear.…
The European power spot prices edged down yesterday on forecasts of slightly higher wind output and temperatures. Prices reached 60.91€/MWh on average in Germany, France, Belgium and the Netherlands, -0.69€/MWh dod. The French power consumption rose by 2.58GW from Friday to 63.26GW on average. The nuclear generation continued to improve at 43.62GW, +1.40GW from Friday. …
