With unchanged fundamentals, European gas prices weakened yesterday, pressured by technical selling. The additional drop in Asia JKM prices and the drop in parity prices with coal for power generation (due to lower EUA prices) also provided downward pressure. On the pipeline supply side, Norwegian flows increased slightly yesterday, averaging 309 mm cm/day, compared to…
Losses on bond markets worsened sharply yesterday, especially in the US, where the 10y bond yield briefly jumped above 1.6%. The US stock market registered a big downward correction, tech stocks giving up more than 3.5%. The rise in interest rates constitutes a very serious threat for all risky assets whose valuation has sometimes reached…
The European power spot prices rebounded yesterday on forecast of weaker wind output and lower temperatures. Prices hence rose by 9.61€/MWh from the day prior to 46.17€/MWh on average in Germany, France, Belgium and the Netherlands, but remained below the clean gas and coal costs. The French power consumption eased by 1.04GW to 54.79GW on…
European gas prices increased again yesterday, supported by weak pipeline supply and lower temperatures. Norwegian flows increased slightly yesterday, averaging 304 mm cm/day, compared to 302 mm cm/day on Tuesday, but still below the 324 mm cm/day of last Friday. Russian flows weakened to 262 mm cm/day on average, still significantly below the 319 mm…
Brent prompt future contract slipped back to 67.3 $/b as the lost US production was estimated to be at 1.1 mb/d for last week. The picture for petroleum products is looking increasingly bullish, as the US refinery runs dropped by 2.6 mb/d and could take a significant amount of time to resume. Japanese refinery utilization, dropped to…
