The oil market reacted logically to the announcement of a partial withdrawal of Russian troops massed on the border with Ukraine: prices showed their biggest daily drop since the beginning of the year, with Brent 1st-nearby losing more than $3/b. One might think that there is still some downside potential if indeed the easing is confirmed, but…
The European power spot prices fell yesterday on a combination of lower gas prices, improving French nuclear availability and forecasts of surging wind and hydro production with the wind generation expected to climb above 40GW in Germany. The day-ahead prices averaged 139.82GW in Germany, France, Belgium and the Netherlands, -43.22€/MWh day-on-day. Albeit staying in a…
European gas prices fell sharply yesterday as tensions on the Ukrainian border eased. Indeed, Russian troops have been pulled back from the Ukraine border, and after having met German Chancellor Olaf Scholz in Moscow President Putin said he did not want a war with Europe. The rise in Russian flows (averaging 212 mm cm/day yesterday,…
The equity markets rebounded sharply, Treasuries (rates up) and the dollar (EUR/USD > 1.1350) fell, and of course energy prices rose. The announcement that some of the Russian troops that were massed near the Ukrainian border have returned to their garrison has both significantly reduced risk aversion and put inflation back in the spotlight. This is all…
The power spot prices remained mostly stable yesterday in northwestern Europe, edging down in Germany, Belgium and the Netherlands on forecasts of slightly stronger wind production and posting a 2.04€/MWh gain in France on dropping temperatures. The day-ahead contracts averaged 191.62€/MWh in the four countries, -5.68€/MWh day-on-day. The EUAs strongly rebounded at the market open…
