The power spot prices for today averaged 359.34€/MWh in Germany, France, Belgium and the Netherlands, +20.38€/MWh from Friday and +91.20€/MWh week-on-week as the market was lifted by forecast of weaker French nuclear availability and a wind shortage. The carbon prices plummeted by a massive 13.6% on Friday, eroding all December’s gains as traders took their…
European gas prices weakened overall on Friday, pressured by the moderation in Asia JKM prices (-1.90% on the spot, to €118.982/MWh, -1.52% for the February 2022 contract, to €128.878/MWh) and a lower-than-expected drop in Russian supply: 281 mm cm/day on average, compared to 284 mm cm/day on Thursday. Moreover, this drop has been more than…
The extremely rapid spread of the Omicron variant has led the Dutch government to declare a return to lockdown. The British authorities are also openly raising this possibility, especially since the Astrazeneca vaccine has been shown to be significantly less effective than messenger RNA vaccines against this variant according to several studies. In the United States, Democratic…
Crude oil prices remained range-bound yesterday, despite time spreads continuing to correct. Feb/March ICE Brent time spreads are now at only a 13 cents backwardation. In Texas, Motiva’s refinery is restarting its crude unit (200 kb/d out of 600 kb/d) after a power outage last week that limited the throughput of the largest refinery in the…
The European power spot prices climbed towards (and for some above) 300€/MWh yesterday, buoyed by soaring gas prices and forecasts of colder temperatures and weaker wind output. The day-ahead prices averaged 302.31€/MWh in Germany, France, Belgium and the Netherlands, +34.16€/MWh day-on-day and +85.72€/MWh from last week. After a bullish opening driven by the surging gas…
