European gas prices increased slightly yesterday, supported by the additional drop in Norwegian supply (to 264 mm cm/day, compared to 310 mm cm/day on Monday, following another unplanned outage, at the Kollsnes gas processing plant this time). Asia JKM prices were also slightly up (+1.58% on the spot, to €67.384/MWh). At the close, NBP ICE…
Japanese refining scaled back in the first weeks of January to 2.86 mb/d while we expected runs to remain at 2.95 mb/d. Crude inventories rose by 3 mb, although remaining way below the 5-year average for Japan. In the US, the EIA’s drilling productivity report showed two interesting facts. First, the backlog of drilled but uncompleted wells (DUCs)…
Yesterday was a day of transition or “breathing space” on the markets. There was little movement on rates, which even fell slightly in the US (1.86% for the 10-year), while the German 10-year stabilised at around 0%. The US equity market still fell again, with the Nasdaq giving up 1.15%, or more than 10% from…
The European power spot prices retreated yesterday, pressured by forecasts of surging wind output and higher solar and hydro generation. The day-ahead prices averaged 196.07€/MWh in Germany, France, Belgium and the Netherlands, -40.02€/MWh day-on-day. After a bearish morning that drove them as low as 79.00€/t, the EUAs sharply rebounded on Tuesday afternoon with surprisingly high…
The European power spot prices edged down yesterday, pressured by forecasts of stronger wind, solar and hydro generation on one side and by the weaker gas and emissions prices on the other. The day-ahead prices averaged 250.55€/MWh in Germany, France, Belgium and the Netherlands, -10.21€/MWh day-on-day, and should drop further in the upcoming days due…
