European gas prices were mixed yesterday. The drop in Asia JKM prices (-8.04% on the spot, to €59.151/MWh; -2.64% for the March 2022 contract, to €61.923/MWh), the rebound in Norwegian supply (reaching 332 mm cm/day yesterday, compared to 321 mm cm/day on Wednesday) and the mild weather outlook continued to exert downward pressure on spot…
The EIA data release continued to show a weekly deficit in US total stocks despite builds in commercial crude and gasoline inventories. Still, implied demand greatly outpaced expectations, at 21.9 mb/d, with an exceptionally strong diesel demand, buoyed by trucking and heating oil demand in the East coast area. US diesel prices (Nymex Heating oil) collapsed…
Quite a sharp downward correction in bond yields (below 1.8% for the US 10-year), but this did not support the equity markets, quite the contrary: the Nasdaq fell by another 1.3%. Bitcoin is trading below $40000 and the price of gold is rising. The fear of inflation is accompanied by a fear of economic slowdown which…
The European power spot prices continued to fade yesterday amid strong renewable production forecasted for today, the German prices dropping below the clean gas cost (for 38% efficiency coal power plants) as the country is expected to observe a wind production rising up to 40GW this morning. The day-ahead prices averaged 171.14€/MWh in Germany, France,…
ICE Brent front-month settled at 88.4 $/b, as the API survey showed small builds in commercial crude (1.4 mb) which counterbalanced perfectly the release of the US strategic stocks (1.4 mb). Interestingly, as gasoline stocks still built by about 3.5 mb, distillate stocks dropped by 1.2 mb. This could be due to the strong pull from…
