Brent 1st-nearby is approaching $112/b this morning. Concerns about Russian oil flows have been compounded by a new episode of tension in the Middle East, with attacks by Yemeni Houthi rebels on oil facilities in Saudi Arabia. There were at least 6 attacks over the weekend. One might add, almost anecdotally, that the number of active…
Many equity markets have just recorded their best week since 2020 with gains of around 6%. The “fear index”, the VIX, has fallen back below the level it was at before the start of the Russian offensive in Ukraine, long rates are at their highest levels for nearly 3 years in the United States, 4 in…
European gas prices were mixed on Friday, torn between comfortable spot fundamentals and fears on the evolution of Russian flows in the coming weeks (they were slightly up to 214 mm cm/day on average, compared to 211 mm cm/day on Thursday. The resilience of Asia JKM prices (spot prices dropped by 0.32%, to €110.091/MWh; May…
European gas prices dropped significantly yesterday. There does not seem to be a single specific reason to explain this drop but a set of factors: more and more European countries asking for a temporary price cap, first signs of demand destruction (with Yara cutting ammonia and urea production at two European plants in response to…
The combination of warmer temperatures, soaring wind output and sharply retracement gas prices drove the European power spot prices down yesterday. The day-ahead prices averaged 326.40€/MWh in Germany, France, Belgium and the Netherlands, -123.18€/MWh day-on-day. Buoyed by their bullish momentum from the previous day, the EUAs extended their sharp rebound on Wednesday and rose by…
