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…
European gas prices ended the session with minor moves on Thursday despite a bullish start on the back of a drop in nominations for Russian gas imports through Ukraine at the Velke Kapusany entry point. Favorable weather continued to exert bearish sentiment on the prompt while seaborne coal prices corrected downwards as the Chinese NDRC…
Oil prices are retreating, but Brent 1st-nearby was still above $93/b yesterday. It is back to $91/b, mainly due to the widespread correction in risky assets after the surge in the US inflation rate and the very hawkish comments of a Fed member (see Daily Eco on this subject). The progress of the Iranian nuclear talks and the likely…
