The OPEC+ group meets today, after a meeting gather OPEC core members yesterday. The joint technical committee, responsible for the perspective view of the OPEC regarding the oil market fundamentals, pointed out that OECD crude and refined product would remain below the 2015-2019 average. This level of expected stocks continues to justify a production ramp-up…
The power spot prices sharply rose yesterday in northwestern Europe, buoyed by higher gas and carbon prices combined with forecasts of stronger demand and dropping wind output. The day-ahead prices averaged 157.29€/MWh in Germany, France, Belgium and the Netherlands, +70.79€/MWh day-on-day. The EUAs opened the year with a 4% rise, an upward move driven by…
European gas prices rebounded yesterday, supported by the additional drop in Russian flows, concerns on a possible ban of Indonesia coal exports in January and technical buying. Indeed, Russian supply dropped to 183 mm cm/day on average yesterday, compared to 251 mm cm/day on Friday. Norwegian flows remained close to their maximum, averaging 352 mm…
While the holiday season was marked by cautious optimism, given the risks associated with the surge in Covid cases around the world, the first market session of the year saw equities hit new highs and bond yields rebound sharply: the US 10-year bond yield even recorded its strongest rise for the start of the year since 2009:…
Supplies issues continue to creep up in OPEC nations, as the Libyan output continues to be impacted by multiple political and technical hurdles. Libyan exports were expected to remain below 700 kb/d for the next weeks, which almost halved compared to Q4 exports. Global crude inventories continued to dip by about 10 mb since Christmas, throughout the winter…
