European gas prices dropped significantly yesterday, both on the spot and the curve. Spot fundamentals were almost unchanged. Significantly below-normal temperatures continued to maintain residential demand at strong levels. On the supply side, both Russian and Norwegian flows were stable, respectively at 332 mm cm/day and 334 mm cm/day on average. The further rise in…
Brent prompt futures contract hiked to 54 $/b on early Tuesday, up by about 5%, as OPEC surprised market participants by reducing February output. The twist came from Saudi Arabia who decided to unilaterally cut production by 1 mb/d in February while allowing Russia and Kazakhstan to marginally increase their production for February and March.…
At the time of writing, it seems Democrats have won one of the two remaining seats for the Senate, but the outcome of the second vote is still really uncertain. Prospects of a Senate controlled by Democrats have sent inflation expectations and bond yields on the rise, with the US 10y topping 1% for the…
2020 has been an astonishing period for energy markets. The historical demand shock implied by the Covid-19 outbreak was offset by a massive reduction in energy supply and upstream investments in a short timeframe, which triggered a quick rebalancing of global balances and a price recovery still ongoing in early 2021 despite some discrepancies among…
