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…
European gas prices weakened yesterday, maybe “reassured” by the fact that Europe has decided (at least for the time being) not to follow the United States in banning the import of Russian energy. Yesterday, Russian gas supply continued to flow, averaging 267 mm cm/day (of which 169 mm cm/day on Nord Stream 1), compared to…
A new milestone has been reached with the decision of the US and the UK to attack Russia’s revenues from hydrocarbon exports. Of course, they can do so because their imports from Russia are still relatively limited (8% of the total for the US, crude and products), which is not the case for EU countries.…
The Biden administration has announced a ban on fossil fuel imports from Russia: oil, gas, coal. The British government has taken the same decision concerning oil only. The EU cannot for the moment follow suit. For Russia, these sanctions concern about 10% of oil exports, but the EU’s share is 60%. However, it is clear…
