The week started badly, but optimism seems to be prevailing again. The Omicron variant is still spreading at an extremely high rate (over 100k per day in the UK for example) but new studies confirm what the data showed from the beginning in South Africa: this variant is much less aggressive than the Delta variants. According to…
Crude prices rallied above 73.5 $/b at the prompt as European diesel cracks rallied in the wake of TTF prices reaching 180 EUR/MWh, which means refiners are now supporting both record CO2 and natural gas costs to maintain the diesel production. Still, November EU-16 runs were surprisingly holding, with an expansion of 4%, to 9.4 mb/d,…
The power spot prices were mixed yesterday in northwestern Europe, down in Germany, Belgium and the Netherlands on forecasts of higher renewable production and weaker demand, but slightly up in France. The day-ahead prices averaged 415.78€/MWh in the four countries, -18.64€/MWh day-on-day. Although volatile, the carbon prices overall traded rangebound yesterday with sideways variations attributed…
European gas prices increased strongly yesterday, supported by the additional drop in Russian flows, down to 252 mm cm/day on average, compared to 258 mm cm/day on Monday, as Mallnow flows fell to 0 before switching to reverse mode. Norwegian flows were up, averaging 350 mm cm/day, compared to 342 mm cm/day on Monday. Note…
The Turkish currency has rebounded strongly against the USD since the beginning of the week (+40% from Monday’s low) thanks to a disguised rate increase. The government has undertaken to compensate savers for any loss on their Turkish lira assets that exceeds the gain in interest if they give up exchanging them for foreign currency. The operation…
