OPEC+ members swiftly decided to ramp up the group’s target production by 400 kb/d, with Saudi Arabia and Russia now required to produce 10.2 mb/d of crude oil in February. In December, Russian crude and condensate production reached 10.9 mb/d, with about 0.8 mb/d deemed to be classified as condensate. With the current production targets, it…
European gas prices continued their rebound yesterday, supported in particular by colder weather and ongoing weak Russian flows. Indeed, Russian supply was stable at 183 mm cm/day on average yesterday, with Yamal flows through Poland still at 0 and flows through Ukraine well below their December levels. Norwegian flows weakened slightly, averaging 349 mm cm/day,…
The sharp rise in US long-term interest rates naturally brings the issue of inflation and monetary policy tightening, starting with the Fed, to the forefront. The decline in the ISM manufacturing index in December to its lowest level since January 2021 and, above all, the fall in the delivery times and prices paid indices should normally have…
The OPEC+ group meets today, after a meeting gather OPEC core members yesterday. The joint technical committee, responsible for the perspective view of the OPEC regarding the oil market fundamentals, pointed out that OECD crude and refined product would remain below the 2015-2019 average. This level of expected stocks continues to justify a production ramp-up…
The power spot prices sharply rose yesterday in northwestern Europe, buoyed by higher gas and carbon prices combined with forecasts of stronger demand and dropping wind output. The day-ahead prices averaged 157.29€/MWh in Germany, France, Belgium and the Netherlands, +70.79€/MWh day-on-day. The EUAs opened the year with a 4% rise, an upward move driven by…
