The correction of the equity markets continues in the wake of the violent fall of the Nasdaq yesterday evening (-3.34%). Long-term bond yields also continue to rise: the US 10-year is up to 1.73% while the German Bund has not been so close to zero since May 2019! The publication of the Fed Minutes was seen as a thunderclap as…
The power spot prices were mixed yesterday in northwestern Europe, rising in France and the Netherlands on higher fuels and carbon prices and expectations of stronger demand, but driven down in Germany and Belgium by forecasts of surging wind output. The day-ahead prices averaged 158.62€/MWh in the four countries, +1.33€/MWh day-on-day. The carbon prices continued…
OPEC+ members swiftly decided to ramp up the group’s target production by 400 kb/d, with Saudi Arabia and Russia now required to produce 10.2 mb/d of crude oil in February. In December, Russian crude and condensate production reached 10.9 mb/d, with about 0.8 mb/d deemed to be classified as condensate. With the current production targets, it…
European gas prices continued their rebound yesterday, supported in particular by colder weather and ongoing weak Russian flows. Indeed, Russian supply was stable at 183 mm cm/day on average yesterday, with Yamal flows through Poland still at 0 and flows through Ukraine well below their December levels. Norwegian flows weakened slightly, averaging 349 mm cm/day,…
The sharp rise in US long-term interest rates naturally brings the issue of inflation and monetary policy tightening, starting with the Fed, to the forefront. The decline in the ISM manufacturing index in December to its lowest level since January 2021 and, above all, the fall in the delivery times and prices paid indices should normally have…
