European gas prices maintained their bullish trend yesterday, supported by the prospect of an additional drop in Russian flows. Indeed, Gazprom said yesterday it had halted operations at one of three operational compressor units at the Portovaya compressor station due to maintenance issues. This should remove a further 33 mm cm/day of Russian exports from…
Yesterday, oil prices closed in red territories: ICE Brent front month closed at $118.51/b, making a 2.2% loss while NYMEX WTI for July delivery went 3.0% down to settle at $115.31/b. The US Fed decision to hike rate by 75bp (see this news) fueled fear for economic growth and thus oil consumption, dragging prices lower. However,…
The Fed predictably raised its key rate by 75bp and warned that it could raise it again on a scale not seen since 1994 in July, but that it believed such action should be exceptional. Its growth and inflation forecasts were revised downwards and upwards respectively, but not excessively so, and the rate forecasts of…
Except in Germany where a public holiday and forecasts of higher wind output offset the bullish pressure, the European power spot prices continued to rise yesterday, driven up by the soaring clean fuel costs and demand amid the ongoing heatwave observed across NWE. The day-ahead prices hence averaged 232.77€/MWh in Germany, France, Belgium and the…
The plummeting gas, coal and carbon prices amid comfortable supply and weakening demand pressure the European power spot prices yesterday. The day-ahead prices indeed faded by 17.74€/MWh from the previous day in Germany, France, Belgium and the Netherlands to reach 173.79€/MWh. The falling fuel complex drove the power forward prices down as well while forecasts…
