As has been the case for some time, US inflation figures exceeded expectations in January: 7.5% with inflation excluding energy and food at 6% yoy. We haven’t seen such a slippage for 40 years. James Bullard, President of the St Louis Fed, said that the Fed should raise its key rate by 100bp over the next three meetings,…
Except in France where prices edged down on expectations of milder temperatures, the power spot prices posted slight gains in north western Europe yesterday, buoyed by forecast of falling wind production. The day-ahead prices averaged 197.30€/MWh in Germany, France, Belgium and the Netherlands, +11.61€/MWh day-on-day. The EUAs collapsed by 6.33% with a day’s low at…
Globally mild and windy weather prospects for the coming two weeks as well as comfortable LNG supply continued to weigh on European gas prices on Wednesday in the absence of any significant development on the Russia-Ukraine-NATO conflict. TTF ICE March 2022 traded as low as €73/MWh intraday, their lowest level in two weeks. SUM 22…
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,…
