In a very volatile session, European gas prices posted further strong gains yesterday. Concerns that Nord Stream 2 would probably not start commercial deliveries until 2022 continued to lend support. A fire that hit UK’s National Grid’s 2GW IFA power interconnector between France and the UK provided additional support. The rise in Asia JKM prices…
Concerns in Asia weighed on European markets yesterday and in Asia overnight with new restrictive measures adopted by Chinese authorities against tech companies as well as concerns over a possible debt restructuring of major property developer Evergrande. Wall Street had escaped the gloom thanks to a rebound in energy stocks in the wake of rising commodity…
The power spot prices surge near 170€/t yesterday in northwestern Europe, with some baseload contracts reaching levels not seen since 2006/2007 as forecasts of dropping solar generation offset the expectations of increased wind production while the spiking gas prices provided additional support. The day-ahead prices hence averaged 167.84€/MWh in Germany, France, Belgium and the Netherlands,…
Crude prices remained firm, above 74 $/b for the ICE Brent November contract. The Chinese Food and Strategic Reserve Administration will release 7.3 mb of crude on September the 24th, amid falling commercial inventories in China, which prompted Chinese officials to utilize their strategic reserve in a more proactive manner to limit inflationary pressure. The volume remains…
European gas prices continued their (endless?) rise yesterday, still supported by concerns on the commercial start date of the Nord Stream 2 gas pipeline. As a proof that there is now a strong competition between European and Asian buyers to attract the needed LNG cargoes, prices were more sensitive to the rise in Asia JKM…
