European gas prices weakened on Friday as the bullish impact of Moscow’s decision to demand payment for its gas in rubles faded. On the pipeline supply side, Russian flows were slightly down on Friday, averaging 262 mm cm/day, compared to 269 mm cm/day on Thursday. Norwegian flows increased to 328 mm cm/day on average, compared…
There has been very little change in oil prices since their sharp decline following the announcement of the use of US strategic reserves. The price of Brent 1st-nearby has for the moment stabilised in a fairly narrow range, between $104 and $106/b. US allies in the IEA have confirmed that they will support the US effort…
2-year yields rose by 10bps in the US after the release of a report showing 431k new jobs created in March and a sharp rebound in hourly wages to +5.6% yoy. Yields on longer maturity Treasuries are also rising, but at a much slower pace, resulting in an inversion of the yield curve with the 2-year rate…
European gas prices were mixed yesterday as the impact of colder weather was partly offset by still-comfortable supply. In particular, Russian flows were up yesterday, averaging 250 mm cm/day, compared to 245 mm cm/day on Friday. Norwegian flows were stable, at 323 mm cm/day on average. Note that the Kremlin said yesterday Russia was working…
Anti-Covid measures in China, particularly in Shanghai, have led to a sharp fall in oil prices, with Brent 1st-nearby falling from $120/b at the end of last week to below $110/b last night. It has since stabilised at around $111-112/b. The resumption of negotiations between Russia and Ukraine is also contributing to this moderation, although a ceasefire…
