After a bull run placing Brent prompt price below 70 $/b on Friday, the rally continued on Monday as Saudi top intelligence officials reported a failed drone strike by the Houthis on the Ras Tanura oil farm. Ras Tanura is the key chokepoint of the global oil supply, with 3.5 mb/d of export capacity. On…
Given the context, it seems strange to see the US 10y below 1.6% this morning. The US economy added 379k new jobs in February, the Senate voted the $1.9tn stimulus package and Brent prompt prices topped $70/b after Houthis attacked the main Saudi oil site (see the Daily Oil for a comprehensive analysis). Chinese trade…
The European power spot prices edged down yesterday, possibly weighed by the expectations of improved nuclear availability and higher hydro production, although the forecasts of weaker wind output and lower temperatures may have limited the losses. Prices hence reached 51.26€/MWh on average in Germany, France, Belgium and the Netherlands, -2.87€/MWh day-on-day. The French power consumption…
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.…
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. …
