As we reported yesterday morning, the Biden Administration has announced that it will draw on its strategic reserves in a colossal way, as nearly 1mb/d of oil will be put on the market for about 6 months, or a total of 180mb. President Biden said he hoped that allied countries could add 30-50mb of their own…
European gas balances remained comfortable yesterday, thanks in particular to strong pipeline supply. Indeed, Russian flows were up, averaging 269 mm cm/day, compared to 253 mm cm/day on Wednesday. Norwegian flows increased to 325 mm cm/day on average, compared to 319 mm cm/day on Wednesday. But it was Moscow’s statements that captured the market’s full…
The equity markets have been on the decline for the past two days. Confidence in a quick peace in Ukraine has frankly and logically declined. The vagueness surrounding the payment of Russian gas sales to European countries also raises the threat of an interruption of flows, even if no one really envisages that this scenario will…
Despite higher gas prices and decreasing temperatures, most European power spot prices faded yesterday on forecasts of surging wind production. The day-ahead prices averaged 254.32€/MWh in Germany, France, Belgium and the Netherlands, -16.83€/MWh day-on-day. The carbon market suffered once again from its negative correlation with the energy complex yesterday. The EUAs indeed tumbled by nearly…
European gas prices were up again yesterday, more sensitive to the drop in temperatures than to the still-comfortable pipeline supply. Indeed, Russian flows were slightly up yesterday, averaging 253 mm cm/day, compared to 251 mm cm/day on Tuesday. Norwegian flows were stable, at 319 mm cm/day on average. Note that the Kremlin said yesterday that…
