Supported by rising concerns on Russian supply, European gas prices were up overall yesterday, in a context of persistent decorrelation between day-ahead and month-ahead prices (see the Gas & Coal Weekly Report published yesterday). Indeed, Russian flows through Ukraine at the Velke Kapusany entry point dropped again yesterday (averaging 58 mm cm/day, compared to 67 mm cm/day…
Financial markets were still dominated by pessimism yesterday, as evidenced by the sharp rise in the US dollar, with the exchange rate against the euro plunging to 1.0354, close to the January 2017 low. The trend seems to have reversed with a new interview with the Fed Chairman. It seems to be a replay of last week’s scene,…
Power prices in Europe continued to diverge on Wednesday amid a volatile session for EUA prices and opposing trends for gas and coal prices. Warm river concerns supported Q3-22 prices in France while lingering dry weather widened further the Italian premium compared to France for June delivery. Falling wind power generation as well as news…
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,…
