European gas prices weakened overall at the close on Friday. They started the session sharply higher, supported by the drop in Russian supply (to 263 mm cm/day on average, compared to 288 mm cm/day on Thursday, to the drop in Yamal flows to the Mallnow entry point). But, as these lower flows were expected (given…
ICE Brent Dec-21 contracts continued to be supported ahead of the OPEC+ meeting, as refined product markets signalled strong demand for middle distillates and fuel oil. Global prices across the complex are healthy levels for crude and refined products. Indeed, Refiners’ margins are boosted by diesel cracks being back to pre-pandemic levels in Europe and Asia. Falling…
The power spot prices rose yesterday in northwestern Europe, buoyed by forecasts of weaker wind output and stronger consumption, although improved French nuclear availability expected today might have limited the gains. Much more coupled than last week, the day-ahead prices averaged 156.00€/MWh in Germany, France, Belgium and the Netherlands, +14.06€/MWh da-on-day. The EUAs extended their…
As crude prices continued to rally, with ICE Brent crude prices reaching 80 $/b at the prompt, we are starting to see signs that the physical market and prompt pricing are diverging from longer-dated futures. Indeed, ICE Brent prompt time spread weakened to 79 cents yesterday, at odds with the flat price dynamic. Angolan supplies rose as cargoes…
The US 10y yield reached 1.54% this morning, its highest level since June. The market is gradually integrating the prospect of monetary tightening, not only by the Fed, but by all central banks in the relatively near future. The Governor of the Bank of England has not ruled out a possible interest rate rise before…
