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.…
Brent prompt contract traded higher on Tuesday morning, as European physical crude prices, especially Russian Urals, edged higher compared to Brent, at a 70 cents discount, as sour crude supplies for European customers are becoming increasingly scarce. However, sour crude markets continued to weaken in Asia, as ESPO cargoes were reportedly sold at a single-digit…
Markets seem shifting stance ahead of Mrs. Yellen’s confirmation hearing before the Senate today. The content of her speech has already been released and it is without any surprise a plea for a very voluntarist budgetary policy, to begin with the stimulus package unveiled by Mr. Biden last week. US markets were closed yesterday, but…
