Brent prompt future contract slipped back to 65.3 $/b amid a significantly more bearish API release than expected. US crude stocks grew by close to 1 mb, as refining runs collapsed by 2 mb/d. Only distillate stocks drew at a rapid pace. US crude oil output is restarting at a faster pace than refining, as most…
The rise in bond yields is not worrying according to Jerome Powell as it reflects greater confidence in the US economic recovery. The surge in inflation will be temporary and the Fed has no reason to envisage ant policy change I the foreseeable future. Here are the main (unsurprising) messages of the Fed Chief’s testimony…
The European power spot prices dropped below the clean gas costs yesterday amid forecasts of stronger wind and hydro production and milder temperatures. Prices reached 45.05€/MWh on average ub Germany, France, Belgium and the Netherlands, -4.04€/MWh day-on-day. The French power consumption eased to 57.78GW on average on Monday, -4.36GW from Friday and -14.93GW week-on-week due…
European gas prices weakened again yesterday, still more sensitive to warmer weather and negative clean spark spreads on the spot and the month-ahead than to the drop in pipeline supply. Due to a series of unplanned outages, Norwegian flows have reversed their recent uptrend, averaging 318 mm cm/day yesterday, compared to 324 mm cm/day on…
Brent prompt future contract rallied to 66.2 $/b, as product buyers aggressively bid gasoline resources in the US to secure to supply in those highly uncertain conditions, lifting the potential for crude prices to rally. The market consensus anticipates steep draws in US petroleum markets. Share this news : Share on twitter Share on linkedin Share on email…
