European gas prices increased yesterday, supported by the additional measures taken by Germany to tackle the gas crisis. Indeed, Germany has declared an “alert” notice, the second of the three stages of the emergency plan, which allows suppliers in theory to pass on higher costs to consumers to limit gas demand. Moreover, the country approved…
The European power spot prices reverted yesterday, the French and German day-ahead prices decreasing on forecasts of higher nuclear availability and wind output while prices rebounded in Belgium and the Netherlands amid falling solar production and Belgian nuclear availability. The day-ahead prices hence averaged 311.69€/MWh over the four countries, -2.45€/MWh day-on-day. The decreasing gas flows…
Oil prices slid on Wednesday. ICE Brent front month price went -2.5% down to settle at $111.74/b. And, NYMEX WTI closed at $106.19/b making a -3.2% decline. Again, it is the risk of an economic slowdown in the coming months (due to the monetary tightening in developed countries and the strong inflation) that pushed oil…
The release of Consumer confidence data for June-22 in the Euro Zone showed that the index plunged to a new multi-year low at -23.6 (see below chart), much lower than expected by market players as households are facing soaring energy and food prices and economists warn about the heightened risk of a recession. In the…
European gas prices were mixed yesterday: lower in the UK, higher overall on the continent as concerns on Russian supply continued to lend support. Russian flows remained stable yesterday at their weak 104 mm cm/day level. Norwegian flows were slightly lower, averaging 306 mm cm/day, compared to 308 mm cm/day on Tuesday. As evidence that…
