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…
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…
