Brent prompt future contract approached topped 60 $/b on early Monday, as the successful OPEC meeting on last week continued to tighten crude markets. However, January’s US employment remained disappointing, with a 49k increase in Non-farm payroll employment, while the long-term/permanently unemployed category continues to swell. Chinese oil imports are likely to reach 10.9 mb/d…
The rather disappointing January US job report reinforced expectations of a substantial stimulus package. The US Treasury Secretary strongly defended it and the Senate voted a budget resolution that clears the way for a vote without support from the Republican party. The stock market continues to rise, but inflation expectations and bond yields too. The…
European gas prices increased on Friday, supported mainly by the strong drop in temperatures. The rise in EUA and coal prices (which increased parity prices with coal for power generation) provided additional bullish pressure. Prices even ignored the additional drop in JKM spot prices (which fell to €21.815/MWh on Friday, -5.59% day-on-day). On the pipeline…
The European power spot prices edged down yesterday amid forecast of slightly stronger renewable production and mixed temperatures. Prices waned by 0.77€/MWh in France, Germany, Belgium and the Netherlands to 51.52€/MWh on average. Lower temperatures strengthened the French power consumption which rose by 1.93GW from Wednesday to 63.14GW on average. The nuclear generation increased as…
Brent prompt future contract approached 60 $/b on Tuesday, as Saudi OSPs unveiled the bullish Saudi outlook on prices while holding premiums to Asian customers constant. ARA oil product stocks showed widespread builds, with gasoline and gasoil stocks surging respectively by more than 5% an 3%. Looking at Asian stocks, Gasoline diesel and fuel oil…
