No significant development to extract from the ECB meeting held yesterday as its bond buying program is expected to end on the third quarter while the institution did not deliver a precise schedule for an interest rate hike. “Any adjustments to the key ECB interest rates will take place some time after the end of the Governing…
Crude oil prices continue to strengthen with Brent first nearby prices trading as high as $109/b yesterday, buoyed by expectations of an easing monetary policy in China (see macro comment) and latest monthly reports from international agencies pointing to a sharp downturn of Russian crude oil production due to the impact of Western sanctions. Indeed, the IEA estimates that…
The European power spot prices remained stable and just below the clean gas costs yesterday as the expectations of lower demand were offset by forecasts of weaker renewable generation. The day-ahead prices hence averaged 227.67€/MWh in Germany, France, Belgium and the Netherlands, -5.85€/MWh day-on-day. The power forward prices tracked the firmer gas and coal prices…
European gas prices were up overall yesterday, supported by lower pipeline supply and resilient coal prices. Indeed, Russian supply dropped again yesterday, averaging 217 mm cm/day, compared to 225 mm cm/day on Tuesday. Norwegian flows dropped to 325 mm cm/day on average, compared to 334 mm cm/day on Tuesday, due to an unplanned outage at…
The release of the US CPI figures showed a further acceleration in the inflation rate in March 2022 at 8.5% yoy, which was the largest year-on-year gain since December 1981. Surging gasoline prices were the main contributor of this sharp increase, but food and services also made strong contributions. A 50 basis points interest rate hike…
