European gas prices rebounded strongly yesterday, supported by cold weather, ongoing concerns on Russian supply and technical buying. The rise in Asia JKM prices (+3.01% on the spot, to €109.470/MWh; +4.14% for January 2022 prices, to €109.548/MWh) helped accompany the bullish momentum. On the pipeline supply side, Norwegian flows were almost stable yesterday, at 349 mm cm/day on…
I’ll start with the bad one as it explains the relapse of risky assets after yesterday’s rebound: Brent crude oil price close to $70/b, US 10-year yield below 1.45%, equity markets down in Asia and Europe this morning. The EUR/USD exchange rate is up to 1.134. Moderna’s CEO gave an interview to the FT in which he gave 3 messages: 1. there…
A wave of panic swept through the financial markets on Friday in a context of low liquidity. The announcement of the emergence of a new variant, henceforth referred to as “Omicron”, with multiple mutations, apparently highly contagious and potentially resistant to existing vaccines, led to a sharp fall in the equity markets (-4.7% for the Eurostoxx…
European gas prices dropped on Friday as the discovery of a new variant of the Covid-19 caused widespread panic in energy markets. But, compared to oil and coal, the decline in gas prices was relatively moderate. In Asia, JKM spot prices dropped by 1.12%, to €106.275/MWh; January 2022 prices dropped by 4.7%, to €105.196/MWh. On…
The power spot prices surged for today in northwestern Europe, lifted by forecasts of below-average temperatures, low French nuclear availability and weak renewable generation. The day-ahead prices averaged 271.95€/MWh, +51.11€/MWh from Friday and +43.20€/MWh week-on-week, with prices rising up to 301.12€/MWh in France due to the higher temperature sensitivity of the country’s power demand. The…
