All major central banks and even the Bank of Russia or the Bank of Turkey are meeting this week. The Bank of Turkey is expected to distinguish itself again by lowering interest rates, while the currency continues to weaken and inflation to strengthen. The decisions of the ECB and the BoE are uncertain, as the resurgence…
The equity markets rebounded sharply and long rates rose yesterday, mainly on the confirmation of good news about the Omicron variant, which is proving to be very contagious for the time being but much less dangerous than the Delta variant. The negative economic impact on the end of the year and probably the beginning of next year…
European spot gas prices were mixed yesterday, amid almost unchanged fundamentals. Norwegian flows were up yesterday, averaging 350 mm cm/day, compared to 344 mm cm/day on Friday. Russian supply was almost stable, at 281 mm cm/day on average, compared to 280 mm cm/day on Friday. Moreover, the moderation in Asia JKM prices (-2.30% on the…
The European power spot prices faded yesterday amid forecasts of stronger wind output, slightly improve French nuclear availability and weaker power demand. The day-ahead prices reached 216.59€/MWh on average in Germany, France, Belgium and the Netherlands, -47.09€/MWh day-on-day. After an early and sharp rebound from Friday’s late drop, the EUAs traded flat around 80€/t for…
Crude prices climbed back above 74 $/b at the prompt, confirming that the liquidation experienced last week could be short-lived. Indeed, geopolitical risk in Saudi Arabia may have raised the risk premium in future, as Yemen’s Houthis declared to have fired missiles on Aramco’s assets in Jeddah, where a newly commissioned refinery is located. The impact of…
