European gas prices weakened overall on Friday, pressured by milder weather and steady pipeline flows. Norwegian flows were up on Friday, averaging 344 mm cm/day, compared to 338 mm cm/day on Thursday. Russian supply was almost stable, at 280 mm cm/day on average, compared to 281 mm cm/day on Thursday. The drop in Asia JKM…
Crude prices continued to spiral downwards, as the omicron variant continued to dent future expect demand. Front-month ICE Brent remains above 71 $/b, while time spreads corrected heavily over the last few days. Indeed, the Feb/March 22 spreads are now trading at 32 cents, from 110 cents prior to the month, reflecting the slowdown in stock…
Strongly pressured by forecasts of surging wind output, the power spot prices dropped in northwestern Europe yesterday, with Germany presenting the largest losses as the country is expected to face up to 45GW of wind generation by midday. The day-ahead prices hence averaged 196.41€/MWh in Germany, France, Belgium and the Netherlands, -75.53€/MWh day-on-day with prices…
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…
