The European power spot prices inched up yesterday as the ongoing warm spell strengthened the power demand across the bloc while forecasts of slightly higher wind and hydro production kept prices just below the clean gas costs. The day-ahead prices hence averaged 211.23€/MWh in Germany, France, Belgium and the Netherlands, +4.08€/MWh day-on-day. The power curve…
US equity markets lost around 4% yesterday. The trend remained very negative in Asia, especially since Sri Lanka defaulted on its debt, which clearly raises the question of possible contagion to other low-income emerging countries, hit by both the downward pressure exerted by the Fed’s monetary tightening on their currencies and by the consequences of the war…
Oil prices went down on Wednesday: ICE Brent for July delivery dropped by 2.5%, to settle at $109.11/b and NYMEX WTI for June delivery also decreased by 2.5% to $109.59/b. The increasing fears about economic growth and inflation knocked oil price down from a six-week high following the tumbling equity markets (see daily ECO comment). In Venezuela,…
European gas prices were mixed yesterday. Russian flows increased slightly, averaging 218 mm cm/day, compared to 213 mm cm/day on Tuesday. By contrast, Norwegian flows dropped to 312 mm cm/day on average, compared to 325 mm cm/day on Tuesday, due to planned maintenance. While uncertainty on the payment of Russian gas in rubles continued to…
Oil prices fell yesterday: ICE Brent for July delivery closed at $111.93/b, making a -2% loss, while NYMEX WTI first nearby prices settled at $112.40/b, down -1.6%. For the first time since May 2020, NYMEX WTI prices traded higher than ICE Brent prices. The market moved down at the end of the session when Fed Chairman…
