On Friday oil benchmarks moved up. ICE Brent gained 2.8% to settle at $113.12/b, while NYMEX WTI front month went 3.2% higher and closed at $107.62/b. This move can be seen as a rebound, after the recent decline of oil prices due to the macroeconomic outlook. Indeed, the market is tight with a growing demand and a…
The rebound in risky assets that began on Thursday after the publication of sharply lower PMIs was amplified on Friday after the revised figures from the University of Michigan’s consumer survey showed a drop in inflation expectations. The S&P 500 was up 3.1% and the Euro Stoxx 50 2.8%. The EUR/USD exchange rate is up, above 1.0570. It…
The European power spot prices faded yesterday amid forecasts of improving nuclear availability, a sudden surge of wind and hydro production and decreasing power demand. The day-ahead prices hence averaged 289.05€/MWh in Germany, France, Belgium and the Netherlands, -22.64€/MWh day-on-day. The sharp bullish rally continued on the gas and power forward markets as Germany raised…
Risks of energy shortages came back to the fore on Thursday after Germany triggered the second step of its emergency gas plan with the German economy minister Robert Habeck warning of a potential “Lehman Brother effect” in the energy sector in case of a full cut in Russian gas supply. Rationing of gas for industrial…
On Thursday, oil prices were down. ICE Brent front month moved 1.5% lower to settle at $110.05/b and NYMEX WTI went 1.8% down to settle at $104.27/b. Yesterday was a choppy trading session, oil market did not have a clear trend and moved up and down, between $102.32/b and $/b107.05 for NYMEX WTI. There are growing…
