Brent prompt futures continued to rally to 54.7 $/b on early Thursday as Saudi Arabia guaranteed that their voluntary supply cut would last two months starting in February. The US weekly report reported rising refining runs leading to a large stocks draw of 8 mb. On the product side, US oil product markets weakened. Overall…
Whatever the reason, the same story repeats again and again: each downward correction on financial markets is seen as a buying opportunity by many. This is mainly linked to abundant liquidity. Economic fundamentals have little to do with this behaviour and the fact that markets completely ignored rather bad Chinese economic indicators released overnight just…
The European power spot prices faded yesterday, pressure by expectations of warmer weather and improved French nuclear availability. Prices dropped by 6.08€/MWh to 51.15€/MWh on average in Germany, France, Belgium and the Netherlands. The French power consumption rose to 63.47GW on average yesterday, +1.42GW from Friday but 9.36GW below the previous week due to the…
European gas prices dropped sharply yesterday, pressured by milder weather forecasts and expectations of higher LNG supply as the Asia-Europe gas spread has narrowed significantly. The drop in coal and EUA prices provided additional downward pressure as it reduced parity prices with coal for power generation. In Asia, system baseload spot power prices on the…
Brent prompt month futures hiked higher, at 56.9 $/b on early Tuesday, as various third party agencies reported improved production compliance from OPEC members. Industry sources are also Diesel cracks in Europe and Asia remained supported despite the crude rally, with Singapore diesel 10ppm cracks reaching 6.4 $/b for the first time since December. Jet cracks…
