Bulls kept control of European gas prices on Wednesday with concerns over a slowdown in storage injections in June (see below chart) due to the drop in Russian gas flows through the Nordstream 1 pipeline and the shutdown of the Freeport LNG terminal providing strong support. Europe gas stock fullness rate sits at 57.8% as of June…
On Wednesday, oil benchmarks slid, ICE Brent for September delivery closed on a 1.2% loss at $112.45/b and WTI front month settled 1.8% lower to $109.78/b. During the first half of the day, oil gained ground (WTI traded at +2.0% ) but when the Energy Information Administration published its report for two weeks (ending 17 June and…
The statements of the central bankers meeting in Sintra, from the ECB or the Fed, are unambiguous: the priority is the fight against inflation. They are generally confident that a recession should be avoided, but warn that signs of economic slowdown do not distract them from their main short-term objective. Against this backdrop, equity markets continue…
The European power spot prices eased yesterday, pressured by an early weakness of gas prices and forecasts of stronger wind, solar and hydro generation. The day-ahead prices averaged 308.92€/MWh in Germany, France, Belgium and the Netherlands, -23.33€/MWh day-on-day. After a bearish opening, the power forward prices quickly reversed and climbed further up amid fears of…
European spot gas prices increased yesterday, supported by higher demand. The trend was more mixed for curve prices which adopt a wait-and-see position in a context of stable Russian flows (at 104 mm cm/day on average). On their side, Norwegian flows increased very slightly to 322 mm cm/day on average yesterday, compared to 320 mm…
