In less than 2 hours yesterday, the price of Brent 1st-nearby first approached $115/b before plunging towards $104/b. It has since recovered to around $113/b. Fears of the consequences of the restrictive measures taken in Shanghai to curb the pandemic and hopes for peace in Ukraine on a rather shaky basis at the moment (see Daily Eco) explain the fall. Explaining…
The price of Brent 1st-nearby, which had risen to almost $115/b yesterday, has since fallen back below $110/b, after even falling below $108/b. Yesterday’s rebound was due to a decline in optimism about the possibility of a ceasefire in Ukraine. Three factors contributed to the decline. First, the news that the Biden Administration is set to announce today…
The European power spot prices continued to rise yesterday, lifted by higher gas prices and forecasts od weaker French nuclear availability, fading renewable generation and stronger demand. The day-ahead prices averaged 271.15€/MWh in Germany, France, Belgium and the Netherlands, +23.73€/MWh day-on-day. The carbon prices posted a timid 1.1% daily gain on Tuesday, weighed in the…
In less than 2 hours yesterday, the price of Brent 1st-nearby first approached $115/b before plunging towards $104/b. It has since recovered to around $113/b. Fears of the consequences of the restrictive measures taken in Shanghai to curb the pandemic and hopes for peace in Ukraine on a rather shaky basis at the moment (see Daily Eco) explain the fall. Explaining…
European gas prices were up yesterday, supported by forecasts of colder weather. However, spot fundamentals remain comfortable overall as storages show (European gas storages are in net injection mode since March 22). On the pipeline supply side, Russian flows were almost stable yesterday, averaging 251 mm cm/day, compared to 250 mm cm/day on Monday. Norwegian…
