Brent 1st-nearby briefly fell back below $120/b yesterday before rising again and now trading above $126/b. The price levels are so high that one gets used to huge intraday swings. All of this reflects the instability of the market and the very high level of uncertainty. The US administration seems very close to declaring an embargo…
Inflation expectations are soaring in Europe. The break-even inflation rate on the 5y5Y (5-year inflation in 5 years) has reached US levels in the euro area. Twelve months ago, it was at half that level. In addition to energy prices, metals and agricultural commodity prices are soaring, and above all, there is every reason to…
In July 2008, the price of a barrel of Brent crude oil reached $147.5. This morning, it exceeded $139. Last Monday, it was still below $100. But in one week, we have gone from a context where the US and Europe announced sanctions sparing Russian hydrocarbon exports on which Europe is very dependent (remember, about 25%…
European gas prices rose to new all-time highs on Friday. Although Russian supply continues to flow (even increasing to 267 mm cm/day on average on Friday, compared to 260 mm cm/day on Thursday), market participants continued to fear disruptions in the near future. Moreover, the announcement that the European Commission will propose this week gas…
As Russian military pressure intensifies on Ukrainian cities, economic sanctions are being stepped up to bend Vladimir Putin. News that the US, Europe and Japan are considering an embargo on Russian oil supplies has sent crude oil prices soaring. But gas, metals, gold and food prices are not immune. The entire trade of major commodity producers (Russia…
