Crude prices remained supported, with ICE Brent futures above 83 $/b for the Dec-21 delivery. The energy crisis in China is likely to prompt further imports from domestic refiners to rely increasingly on locally sourced energy consumption from refinery units through LPG burn, as Chinese coal futures are soaring markedly above last week’s prices due to flooded…
The European power spot prices continued to progressively rise yesterday, supported by forecasts of weaker wind output combined with stronger power demand for today. The day-ahead prices reached 192.68€/MWh on average in Germany, France, Belgium and the Netherlands, +9.58€/MWh day-on-day. The EUAs were seen overall flat yesterday with low exchanged volumes as the 50-day moving…
The US 10-year yield eased slightly below 1.6% despite surveys showing increasing inflationary pressures. We mentioned the Bank of France survey yesterday, the main findings of which can be found here. But the NFIB survey of small businesses in the US also found that hiring difficulties are at an all time high and companies are planning to raise wages and…
European gas prices rebounded slightly yesterday, torn between conflicting fundamentals (in particular weak stock levels, but hopes for an increase in Russian flows). Asia JKM prices (-3.29%, to €100.547/MWh, on the spot; +3.77%, to €98.425/MWh, for the December 2021 contract) and parity prices with coal for power generation (up thanks to the strong rise in…
Futures crude markets continued to rise on early Monday, with WTI crude prompt prices nearing 81 $/b at the prompt while ICE Brent futures climbed at 83.8 $/b, amid deepening energy crises in India and China. Indeed, rolling blackouts are now implemented across most Indian provinces to curb coal consumption amid ultra-low coal stocks. Similarly, China’s energy…
