The European power spot prices slightly increased yesterday as the forecasts of higher power demand and dropping solar generation offset the expectations of stronger wind output and improved French nuclear availability. The day-ahead prices averaged 199.30€/MWh in Germany, France, Belgium and the Netherlands, +10.85€/MWh day-on-day, but should fade today due to the rising renewable generation…
Gasoline prices spiked yesterday in Asia, with Singapore’s benchmark 92 RON cracks reaching 17.8 $/b in the spot window (103.7 $/b in total on a FOB Singapore basis) and November cracks above 12 $/b. Strong bids were formulated by trading houses, likely trying to respond to Indian gasoline tenders. Indeed, India is looking for at least 3.7…
Evergrande, Fantasia, Sinic and now Modern Land: the list of Chinese real estate developers unable to repay their USD debt on time is growing. This is a reminder that China’s real estate market cleanup is just beginning and will have, at best, lasting negative consequences on growth. In the US, it appears that the repeal of Donald Trump’s…
European gas prices were mixed on Friday. Spot prices were slightly up, supported by below-normal temperatures. By contrast, curve prices were slightly down as the additional drop in China coal prices continued to fuel hopes of an easing in global coal and gas markets. Asia JKM prices weakened on Friday: -2.23%, to €97.945/MWh, on the…
While real estate is already expected to weigh negatively on the growth of the Chinese economy in Q4, a new wave of the variant delta epidemic is affecting 11 provinces and leading to new mobility restrictions for the population. Household consumption is expected to suffer, as it did in August. The slowdown in China is not calming inflation expectations: the…
