The weekly report from the US Department of Energy confirmed the current tightness in the oil market. US Crude oil inventories fell by 4.8mb last week and gasoline and distillate inventories also fell, so that overall crude oil and product inventories are at their lowest level since 2015. Demand also appeared very strong. More details in yesterday’s News. Oil…
There is decidedly little happening in the markets this week apart from a fairly sharp rebound in equities, buoyed by strong corporate results, but that could change today. Bond yields have stabilised and are even falling in Europe this morning as we await US inflation figures for January (2.30pm CET). A further increase above 7% is expected,…
Despite a bullish start on prospects of steady gas for power demand after a further downward revision in the 2022 French nuclear output target by EDF, European gas prices ended Tuesday’s trading session in negative territory as the risk premium linked to the Russia-Ukraine-NATO clash started to be slashed in the afternoon after the French…
The European power spot prices posted slight gains yesterday, buoyed by expectations of weaker wind generation and French nuclear availability. The day-ahead prices averaged 185.69€/MWh in Germany, France, Belgium and the Netherlands, +14.43€/MWh day-on-day. The EUAs went back and forth on Tuesday, surging to a new record high at 98.49€/t in the first minutes of…
Crude oil prices eased quite significantly following the French President’s visit to Russia. There was nothing concrete, however, other than Vladimir Putin’s reported promise not to escalate the crisis with Ukraine on his own initiative. The $3-4/b drop in the price of Brent gives an idea of the geopolitical risk premium currently being built in. That said,…
