Crude prices continued to be under pressure during yesterday’s intraday session but remained above 71 $/b at the prompt. Lybian exports were curtailed by the National Oil Corp, estimating that production at Waha and El Sharara was reduced by 300 kb/d as of this weekend, invoking force majeure on parts of its export program at Zawiya and…
European gas prices increased strongly yesterday, mainly supported by lower Russian supply (down to 258 mm cm/day on average, compared to 281 mm cm/day on Friday, due to the drop in Mallnow flows through Poland). Norwegian flows were also down, to 342 mm cm/day on average, compared to 351 mm cm/day on Friday. Moreover, during…
The power spot prices continued to climb in northwestern Europe yesterday, supported surging gas and carbon prices, colder temperatures and forecasts of a wind shortage. The day-ahead prices averaged 434.42€/MWh in Germany, France, Belgium and the Netherlands, +75.08€/MWh day-on-day. The EUAs rebounded from Friday’s sell-off and gained 8.3% on Monday as gas and power prices…
Asian equity markets have initiated a rebound that could continue in Europe and the US. Long-term rates are also slightly higher, with the US 10-year rate back above 1.4%. The dollar is fairly stable; the EUR/USD exchange rate is trading around 1.1280. The factors explaining this rebound are the same as those that pulled the markets…
Crude oil prices slipped, with ICE Brent front-month prices at reaching 71$/b, as money managers continued to aggressively reduce their net length across WTI & Brent instruments (-14k lots). A contango started to materialize at the prompt of the curve, with ICE Brent at a 4 cents contango. WTI prompt spreads remain in backwardation, at 7 cents, but…
