The EUR/USD exchange rate hit a new low on Friday at 1.1250 and could weaken further. The announcement of a strict lockdown in Austria sent eurozone bond yields plunging, fueling fears of a further severe economic slowdown. Among the larger countries in the zone, the highest risks are in Germany, where vaccination rates are lower and hospitals are facing staff shortages.…
The European power spot prices rose above to 230€/MWh for today (and up to 251.84€/MWh in France), lifted by forecasts of lower wind and hydro generation combined with colder temperatures strengthening the power demand. The day-ahead prices averaged 228.75€/MWh in Germany, France, Belgium and the Netherlands, +33.20€/MWh from Friday but in line with the previous…
Crude prices continued to hover around the 82 $/b for ICE Brent Jan delivery, amid falling diesel cracks in Europe and the US. Indeed, refining margins have weakened to flip into contango at the prompt for Europe and Asia, as diesel prices softened, fuel oil prices dropped heavily, while gasoline and naphtha remained supported as refiners…
Except in the Netherlands where it edged down, the power spot prices slightly increased in northwestern Europe yesterday with support from higher gas and carbon prices combined with forecasts of high power demand and weaker wind output. The day-ahead prices averaged 233.18€/MWh in Germany, France, Belgium and the Netherlands, +5.22€/MWh day-on-day. The EUAs soared by…
European gas prices increased yesterday, supported by the results of the monthly gas transmission capacity auctions with Gazprom not booking additional capacity into Western Europe. The market ignored the increase in spot pipeline supply, probably worried about the upcoming fall in Norwegian flows. Norwegian flows rebounded to normal yesterday, to 346 mm cm/day on average,…
