European spot gas prices were mixed yesterday, while curve prices were more clearly downward. The latter continued their technical correction in a context of rather stable Asia JKM prices (-2.34%, to €102.895/MWh, on the spot; +0.21%, to €100.933/MWh, for the December 2021 contract) and lower parity prices with coal for power generation (both coal and…
The European power spot prices dropped yesterday, pressured by forecasts of surging wind output and warmer temperatures weakening the power demand. The baseload day-ahead prices averaged 160.42€/MWh in Germany, France, Belgium and the Netherlands, -33.15€/MWh day-on-day and should continue to fall today as the German wind production is expected to climb above 35GW tomorrow. The…
China’s 4th and last batch of crude imports is impacting far east crude grades, as ESPO cargoes traded 6$ above the Dubai benchmark yesterday for December loading. It is likely that most ESPO loadings will sail to China, as independent refiners are looking for light sweet distillate rich grades that require little natural gas consumption and…
ising equities, slightly easing bond yields, falling USD: optimism prevails despite the sharp slowdown in the Chinese economy highlighted yesterday by the Q3 national accounts. Concerns about rising inflation pushed the US 10-year yield up to 1.62%, but it then eased back to 1.57%. The EUR/USD exchange rate returned to its highest level since late September,…
European gas prices were mixed yesterday, torn between concerns on Russian supply after auction results for November gas transport capacity indicated that Gazprom did not intend to increase its deliveries via Ukraine and Poland (see news) and profit taking. Asia JKM prices (-2.09%, to €105.358/MWh, on the spot; +0.21%, to €100.933/MWh, for the December 2021…
