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…
Extraordinary volatility in crude oil prices, with Brent crude losing $26 intraday. It touched $105 after rising to $139 earlier this week. But things are moving really fast, as it is already back near $115 this morning. Yesterday’s decline was initially part of a wider correction in the financial markets (see Daily Eco) but was…
Yesterday, equity markets rebounded in a way that reminds us of the volatility of the spring of 2020, with the main European indices rising by 7 to 8% and the US by 2 to 4%. This burst of optimism seemed to come mainly from 3 factors: statements by a Russian official opening the door to…
The European power spot prices slightly eased yesterday, weighed by the retreating gas market and forecasts of increased solar generation. The day-ahead prices averaged 449.58€/MWh in Germany, France, Belgium and the Netherlands, -33.80€/MWh day-on-day but still +182.88€/MWh from the previous week. The carbon prices posted their largest daily gain ever recorded on Tuesday, recouping the…
