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…
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…
