The combination of a further drop in Russian gas imports at Velke Kapusany (-10 mm cm/day), prospects of a drop in temperatures by the end of next week and the absence of de-escalation signs in the Russia-Ukraine conflict pushed European gas prices higher on Thursday. Gains were more limited on the far curve but strong…
Brent 1st-nearby prices are back near their recent highs, above $91.5/b, while WTI is at a 7-year high near $91/b, as the cold snap hits Texas. The Brent-WTI spread is narrowing sharply. The severe cold increases heating demand but also affects oil production and transportation in the Permian Basin, which accounts for about 40% of total…
The BoE raised its base rate by 25bp, which was expected. What was less expected was that it almost raised it by 50bp and announced that it would reduce the size of its balance sheet immediately. For its part, the ECB did not change anything, but Mrs. Lagarde’s press conference made it clear that the ECB was preparing significant…
EUA prices hit a new record high on Wednesday at €94.63/ton intraday for the Dec-22 contract with no fundamental driver at first glance. It should be noted that this spike occurred during the presentation of the report on the CBAM (Carbon Border Adjustment Mechanism) proposal to the EU parliament by the lead lawmaker in the…
A downward adjustment in Russian gas flows at the Velke Kapusany entry point (-15 mm cm/day) triggered a rebound in European gas prices on Wednesday after two sessions of strong losses. Prospects of a normalization of temperatures by the end of next week in Western Europe and strong Henry Hub prices in the US may…
