EnergyScan

France baseload Cal 23 prices moving closer to the €300/mark

The European power spot prices inched down yesterday on lower clean gas costs and forecasts of slightly increased wind production, temperatures and French nuclear availability. The day-ahead prices averaged 225.36€/MWh in Germany, France, Belgium and the Netherlands, -8.71€/MWh day-on-day. In the meantime, the uncertainties around the rouble payment continued to buoy the energy complex, the…

Prices maintain their uptrend

European gas prices maintained their uptrend overall yesterday, supported by the additional rise in coal prices: +3.20% for API2 1st nearby prices; +3.04% for Cal 2023 prices. (More details are available in the Gas & Coal Weekly Report published yesterday.) Norwegian flows weakened significantly yesterday, to 321 mm cm/day on average, compared to 337 mm cm/day on Wednesday, due…

European embargo drives the market higher

Oil benchmarks went modestly up yesterday. Front-month July ICE Brent futures settled +0.7% higher at $110.90/b and NYMEX WTI gained +0.4% to reach $108.26/b. The incoming embargo on Russian oil pushed the market up. Meanwhile, members of the European Union are working on a timeline to phase-out Russian oil that would satisfy all states as the…

Violent relapse of the equity markets

Yesterday we stressed how fragile we thought the very positive reaction of the US equity markets to the Fed’s 50bp rate hike was in the current context. It did not take long for the correction to occur, and it was extremely violent, with the Nasdaq in particular falling by 5%. Long-term interest rates also rebounded sharply,…

Power prices were buoyed by the bullish fuel complex amid coming Russian oil ban and anticipation of military escalation

Yesterday marked another day of particularly flat European power spot prices with the ongoing wind shortage being offset by slightly higher French nuclear availability and hydro production. The day-ahead prices averaged 234.07€/MWh in Germany, France, Belgium and the Netherlands, +3.58€/MWh day-on-day. Conversely, the power forward prices extended hefty gains along the curve, driven up by…

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