Yesterday, we estimated that the negative impact of inflation on the purchasing power of US households could weigh on their confidence and reinforce the decline in long-term bond yields. Indeed, the 10-year rate continued its slow slide (1.61% versus 1.64%), but after confidence came out much better than expected! The Conference Board index rebounded to 113.8. While…
Crude prices remained supported throughout yesterday, despite builds reported by the API survey in the US. Indeed, crude stocks grew by 2.3 mb, while refined products stocks expanded by 1.5 mb. Interestingly, Cushing continued to draw at a fast pace, 3.7 mb, partly explaining the elevated volatility on WTI time spreads. In Japan, run rates…
European gas prices were mixed yesterday, torn between conflicting fundamentals. On the pipeline supply side, Norwegian flows weakened again, to 311 mm cm/day on average, compared to 322 mm cm/day on Monday. By contrast, Russian flows were higher, to 256 mm cm/day on average, compared to 250 mm cm/day on Monday. Asia JKM prices (+0.41%,…
The power spot prices faded in Northwestern Europe yesterday, pressured by forecasts of rising wind and solar generation and improved French nuclear availability. The day-ahead prices averaged 169.84€/MWh in Germany, France, Belgium, and the Netherlands, -29.47€/MWh day-on-day. The EUAs posted slight gains on Tuesdays in a continuously illiquid market as most participants are adopting a…
European gas prices increased yesterday. Spot prices were supported by lower Norwegian supply (322 mm cm/day on average, compared to 341 mm cm/day on Friday) due to planned maintenance works. Russian flows were also lower, to 250 mm cm/day on average, compared to 255 mm cm/day on Friday. The rebound in JKM prices (+1.81%, to…
