European gas prices rebounded yesterday, supported by new weather forecasts pointing to colder temperatures and ongoing weak LNG and pipeline supply. Russian flows were almost stable yesterday, at 317 mm cm/day on average, compared to 318 mm cm/day on Monday, but still significantly below the 371 mm cm/day on average of December 2020. Norwegian flows…
Brent prompt futures edged higher on Tuesday and early Wednesday at 56.2 $/b as US equity markets were on the rise, following Ms. Yellen’s stance on fiscal stimulus. President Biden’s warp speed vaccine operation hopes to produce 100 million doses for its first 100 days by potentially invoking the Defense Production Act. The EIA released…
Mrs. Yellen could be confirmed as Treasury Secretary as soon as tomorrow, after Mr. Biden officially becomes President of the US today. Her hearing at the Senate yesterday boosted risk appetite on financial markets, as she defended quick and bold action on budgetary policy. That was absolutely unsurprising and the bond market posted almost no…
The European power spot prices faded yesterday on forecasts of stronger wind output and warmer temperatures dampening the power demand. Prices eroded 7.74€/MWh to 50.70€/MWh on average in Germany, France, Belgium and the Netherlands., pushing the German prices below the clean gas and coal costs. Colder temperatures strengthened the French power consumption yesterday which rose…
Prices were down again yesterday in most European gas markets (to the exception of Spain PVB prices). The drop seems to have been triggered by expectations of warmer temperatures. The easing of tension on Asian markets (baseload spot power prices on the Japan Electric Power Exchange were stable yesterday at €775/MWh) also exerted downward pressure.…
