European gas prices weakened again yesterday, under pressure from the (slight) improvement in storage levels and weaker Asia JKM prices (-8.93% on the spot, to €85.705/MWh; -1.71% for the February 2022 contract, to €100.234/MWh; -1.80% for the March 2022 contract, to €84.234/MWh). Indeed, Indonesia government eased yesterday the coal export ban, allowing 14 coal vessels…
ICE Brent front-month continued to trade above 81 $/b, despite improving supply conditions in Kazakhstan and Lybia. Both countries are ramping up their crude production and should be back to their nominal output by the end of January if there are no additional disruptions. Following the Saudis, Kuwait has also cut its OSPs by close to 1$/b…
The trends that have been at work for several days were first accentuated yesterday on the markets: the US 10-year yield exceeded 1.8% and the Nasdaq entered a correction phase (more than 10% loss compared to its November record), giving up up to 2.7% more in the session. Then everything changed: rates fell (now 1.75%)…
Crude prices steadied above 81 $/b for the March ICE Brent contract and front-month backwardation remained strong, above 60 cents, as Libyan output was expected to ramp up quickly to 900 kb/d instead of 750 kb/d, following maintenance work on a pipeline delivering crude to El Sider. In Kazakhstan, the situation was still unclear, with the…
European gas prices weakened on Friday, apparently under pressure from the rebound in Norwegian supply (to 348 mm cm/day on average, compared to 341 mm cm/day on Thursday) and more generally the (slight) improvement in storage levels as net storage withdrawals are currently at historically low levels. On their side, Russian flows remained stable, at…
