As expected, the European power spot prices weakened yesterday on lower clean fuel costs and forecasts of surging wind output and slightly improved nuclear availability with the Belgian nuclear reactor Tihange 2 (1GW) ramping up to its maximum capacity after hovering at 900MW for a few days. The day-ahead prices hence averaged 180.91€/MWh in Germany,…
Oil benchmarks slumped yesterday: ICE Brent front month lost -5.7% and ended the day at $105.94/b and NYMEX WTI front month closed -6.1% lower at $103.09/b. European diplomats scrapped the idea to ban European companies to ship Russian oil, as partners (in particular Greece, Malta and Cyprus) were opposed to the measure. This is one…
European gas prices extended losses yesterday, still pressured by weak demand and strong LNG supply. The drop in coal prices (-4.37% for API2 1st nearby prices, -5.89% for Cal 2023 prices) provided additional downward pressure. On the pipeline supply side, Norwegian flows dropped to 311 mm cm/day on average yesterday, compared to 320 mm cm/day on…
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…
