The International Monetary Fund cut its global growth forecast yesterday to 3.6% in 2022 and 2023, down from an estimated 6.1% in 2021. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January, with a deep recession in Russia and a significant slowdown in Europe. Germany and Italy are among…
After dropping near 100€/MWh over the weekend due the power demand being significantly curbed by the Easter weekend and particularly sunny conditions, the European power spot prices nearly doubled for today, driven up by a recovered demand, falling French nuclear availability and ongoing wind shortage. The day-ahead prices hence averaged 212.24€/MWh in Germany, France, Belgium…
Brent first nearby prices moved further north of the $110/b mark and recorded a fourth consecutive session in positive territory with an intraday high at $114.84/b on Easter Monday, supported by a drop in Libyan oil production and expectations of a progressive loosening of Covid restrictions in Shanghai. Indeed, Libya’s National Oil Corp warned on Monday of a…
European gas prices dropped last Thursday, pressured by mild weather, ongoing strong LNG supply and rebound in pipeline flows. The drop in coal prices (although offset by higher EUA prices) also sent a bearish signal. At the close on Thursday, NBP ICE May 2022 prices dropped by 35.840 p/th day-on-day (-16.82%), to 177.250 p/th. TTF…
Ukrainian President Zelensky declared that the widely awaited Russian offensive in the Donbass region started yesterday after most Russian troops and artillery moved from the west of Ukraine late March. This could continue to weigh on the global economic outlook and support a strengthening of EU sanctions against Russia, with a ban on Russian oil products on…
