European spot gas prices rebounded yesterday from the lows recorded over the Easter weekend. Curve prices closed slightly lower, but well above their lows of last Thursday. On the pipeline supply side, Russian flows weakened slightly yesterday, averaging 205 mm cm/day, compared to 207 mm cm/day on Monday. Norwegian flows increased very slightly to 346…
Crude oil prices slumped on Tuesday, pressured by the downward revision in the IMF global growth forecast (see macro comment) which fueled concerns over energy demand prospects in the short-term. Benchmark contracts traded once again in a large range, showing that uncertainty over the supply/demand outlook remains high and fuels volatility. Brent 1st nearby prices traded as low…
The International Monetary Fund cut its global growth forecast yesterday to 3.6% in 2022 and 2023, down from an estimated 6.1% in 2021. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January, with a deep recession in Russia and a significant slowdown in Europe. Germany and Italy are among…
After dropping near 100€/MWh over the weekend due the power demand being significantly curbed by the Easter weekend and particularly sunny conditions, the European power spot prices nearly doubled for today, driven up by a recovered demand, falling French nuclear availability and ongoing wind shortage. The day-ahead prices hence averaged 212.24€/MWh in Germany, France, Belgium…
Brent first nearby prices moved further north of the $110/b mark and recorded a fourth consecutive session in positive territory with an intraday high at $114.84/b on Easter Monday, supported by a drop in Libyan oil production and expectations of a progressive loosening of Covid restrictions in Shanghai. Indeed, Libya’s National Oil Corp warned on Monday of a…
