Brent prompt future contract partially recovered from Friday’s sell-off, at 65.6 $/b, as the Iranian nuclear deal seemed in jeopardy after the Iranian refusal to join the talks organized by the Europeans. Furthermore, High US products cracks are incentivizing US refineries to ramp-up their secondary units swiftly. Lower US naphtha supply also had effects on Asian naphtha…
With unchanged fundamentals, European gas prices were mixed on Friday. On the pipeline supply side, Norwegian flows were up on Friday, averaging 318 mm cm/day, compared to 309 mm cm/day on Thursday, but still below the 324 mm cm/day of the previous week. Russian flows increased more slightly, at 281 mm cm/day on average, compared…
Bond yields have declined significantly on Friday, erasing almost completely Thursday’s rise. This does not mean tensions are over: in the US, the House of Representatives voted the $1.9bn stimulus package that will now be debated at the Senate. A sharp rise in inflation is also coming that will probably fuel further tensions on the…
The power spot prices in north western Europe slightly rose yesterday, lifted by the falling wind output and temperatures and the expectations of weaker French nuclear availability. Prices hence gained 1.46€/MWh to reach 47.63€/MWh on average in Germany, France; Belgium and the Netherlands. The lower temperatures strengthened the French power consumption on Thursday which rose…
Brent prompt future contract came back to 66.2 $/b as a significant selloff in the US bond market strengthened the dollar, pushing dollar-denominated commodities lower. Product cracks consolidated at elevated levels as refiners announced that their return to the market could be in early March. Chinese crude buying will likely ease in the coming month…
