Oil prices slid on Tuesday, ICE Brent lost 2.4% to end at $104.97/b. NYMEX WTI went 2.6% down to settle at $102.41/b. Market participants continue to monitor the situation in China, where authorities could impose new restrictions to slow Covid-19 spreading but also the economic activity as a collateral damage. Lockdowns are slightly easing in Shanghai,…
Unemployment data released for the Euro Area yesterday showed a continuous improvement of the job market with a new record low at 6.8% in March 2022 (see chart), compared to 6.9% in February 2022. This could provide further upward pressure on wages on the back of another surge in Euro zone producer prices in March 2022 (+5.3% month-on-month for…
The European power spot prices inched down yesterday on lower clean gas costs and forecasts of slightly higher wind production with the rest of the market’s fundamentals mostly steady day-on-day. The day-ahead prices averaged 202.40€/MWh in Germany, France, Belgium and the Netherlands, -9.84€/MWh day-on-day. The power forward prices posted losses along the curve on Tuesday,…
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…
