Brent futures weakened on Wednesday, to reach 55.8 $/b for the prompt contract after surprise builds across all US inventories, reported by the API survey. The official data is due on Friday. President Biden advanced on several key climate policies as of yesterday with the US re-joining the Paris Agreement, while at the same time imposing…
On his first day as president, Mr. Biden signed a series of executive orders unwinding the most controversial aspects of the previous administration’s policy. Financial markets’ optimism was nevertheless rather fueled by recovery hopes linked to the big stimulus package Mr. Biden expects to be approved by the Congress as soon as possible. The EUR/USD…
The European power spot prices continued to drop yesterday on expectations of stronger renewable production and weaker demand. Prices in Germany, France, Belgium and the Netherlands hence fell to 43.94€/MWh on average, nearly 10€/MWh below the clean gas costs. Despite the higher temperatures, the French power consumption slightly rose on Tuesday to reach 73.56GW on…
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…
