Details of a potential US SPR release are emerging, with the announcement expected today. First, it is likely that the announcement will concern multiple countries. We expect China and Japan to respond positively to the US demands. Secondly, there could be between 30 and 60 mb of crude delivered to the market, although this number…
European gas prices weakened again yesterday. Amid domestic fundamentals largely unchanged, the moderation in Asia JKM prices (-4.89%, to €103.426/MWh, on the spot; -0.36%, to €103.179/MWh, for the January 2022 contract) continued to exert downward pressure. On the spot pipeline supply side, Norwegian flows were almost stable yesterday, at 343 mm cm/day on average, compared…
The reaction of the markets seems totally disproportionate, but the announcement of the reappointment of Jerome Powell as head of the Fed for a second term has led to a rise in the US 10-year rate of nearly 10bp (1.63% this morning) and has also strengthened the USD, with the exchange rate against the euro reaching 1.1226.…
The possibility of a coordinated SPR release is seriously denting the sentiment and upside risk in crude oil futures markets. Japan is now considering seriously an SPR release, while China confirmed that it was already destocking its strategic stocks. The US also released stocks last week, but these releases were part of the scheduled releases up…
European gas prices weakened last Friday. Amid unchanged domestic fundamentals, the moderation in Asia JKM prices (-0.64%, to €108.740/MWh, on the spot; -8.16%, to €103.547/MWh, for the January 2022 contract) exerted downward pressure. On the spot pipeline supply side, Norwegian flows were stable on Friday, at 344 mm cm/day on average. Russian supply was almost…
