EUAs and power prices dropped in general retreat of the energy complex

The power spot prices overall slightly faded yesterday in northwestern Europe, pressured by forecasts of weaker power demand and increased solar and hydro generation. The day-ahead prices hence reached 159.16€/MWh on average, -5.31€/MWh day-on-day. The EUA prices dropped to a three-week low settlement of 59.31€/t (-0.9% day-on-day) yesterday in another volatile session marked by significant…

Caution grows before the Fed

The surprise rebound in US retail sales in August (+0.7% m/m), as the variant delta extended its grip on the south and centre of the country, has reintroduced a dose of uncertainty ahead of the Fed meeting next week. What if a reduction in asset purchases is formally announced as early as Wednesday? Long-term yields rose (slightly), with…

Strong downward correction in Europe

European gas prices dropped significantly yesterday, pressured by more comfortable pipeline supply and profit taking after the previous sessions’ strong gains. Russian flows were stable yesterday, averaging 318 mm cm/day, above the levels of end August (313 mm cm/day). Norwegian flows continued to rebound, to 288 mm cm/day on average (compared to 280 mm cm/day…

Power prices spiked to new records on news of a interconnector disruption

The power spot prices presented mixed variations for today, down in Germany and the Netherlands amid forecasts of sharply rising wind output for the upcoming hours, but slightly up in France and Belgium as this bearish pressure was offset by expectations of weaker French nuclear availability. The day-ahead prices hence fell by 8.55€/MWh on average…

US stock draws pushes crude prices higher

Crude prices climbed above 75 $/b at the prompt for ICE Brent futures, as the EIA reported a surprise stock draw of 6.4 mb when most market observers were expecting builds, as there was a possibility that refiners in Louisiana could take longer than expected to ramp-up output. Crude production remained low, at 10.1 mb/d,…

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