The US inflation rate did fall in April, but only from 8.5% to 8.3%. The core inflation rate fell from 6.5% to 6.2%. In detail, the sharp acceleration in many service prices, aerospace prices and rents shows that the Fed will not be able to rely on this decline in inflation to slow down its monetary…
European gas prices dropped yesterday as the impact of the force majeure on the Sokhranivka entry point faded somewhat. But, physically, Russian flows through Ukraine at the Velke Kapusany entry point weakened further yesterday, averaging 67 mm cm/day, compared to 81 mm cm/day on Tuesday, driving total Russian flows to 236 mm cm/day on average,…
Oil made a strong rebound on Wednesday: ICE Brent front month climbed by +4.9% to $107.51/b while NYMEX WTI front month gained +6.0% to settle at $105.71/b. Oil market was driven by the tensions related to the war in Ukraine. First as a major pipeline flowing gas from Russia to Europe through Ukraine stopped operating and…
The European power spot prices dropped yesterday as the ongoing wind surge offset the weaker clean gas cost and pressured the market. The day-ahead prices averaged 164.69€/MWh in Germany, France, Belgium and the Netherlands, -16.22€/MWh day-on-day with only the French prices remaining above the clean coal cost thanks to the country’s catastrophic nuclear availability. The…
Oil benchmarks continued to drop on Tuesday: ICE Brent front month went -3.3% lower to settle at $102.46/b and NYMEX WTI front month ended the trading session at $99.76/b, -3.2% lower. Concerns on the state of the economy are growing with Chinese’s lockdowns, the comments of the Fed to further increase interest rates and a stronger…
