The equity markets fell sharply again yesterday, particularly US technology stocks (Nasdaq), which dropped another 4.3%. They are down 10% since the Fed’s decision to raise its key rate by 50bp last week (see the last Macro & Oil Weekly Report) and 26% since the beginning of the year. Futures turned around after the US market closed,…
The European power spot prices continued to however just above 200€/MWh for today, although slightly lower than Friday due the retracing gas market and forecasts of strong solar generation. The day-ahead prices averaged 216.52€/MWh in Germany, France, Belgium and the Netherlands, -8.84€/MWh from Friday and -1.88€/MWh week-on-week, but the picture could turn south today as…
Oil benchmarks climbed on Friday : NYMEX WTI front month posted at 1.4% gain to end the week at $109.77/b and ICE Brent front month ended the week 1.3% higher at $112.39/b. Last week, NYMEX WTI climbed by 5.5% and ICE Brent by 5.7%. On Friday, market was pushed up by the incoming embargo on Russian…
European spot gas prices dropped strongly on Friday, pressured by weak demand and ongoing strong LNG supply while pipeline flows remained stable (Norwegian flows at 320 mm cm/day on average, and Russian flows at 260 mm cm/day on average). The drop in curve prices was more moderate, particularly on the TTF, as concerns on the future of…
The April US jobs report was good with 428k new jobs and a slight slowdown in wages, but this did not stop long rates from continuing to rise (US 10y at 3.13%) and equities from falling, with the US indices recording their 5th consecutive weekly decline, something that has not happened for 11 years. The drop in the…
