Oil benchmarks went modestly up yesterday. Front-month July ICE Brent futures settled +0.7% higher at $110.90/b and NYMEX WTI gained +0.4% to reach $108.26/b. The incoming embargo on Russian oil pushed the market up. Meanwhile, members of the European Union are working on a timeline to phase-out Russian oil that would satisfy all states as the…
Yesterday we stressed how fragile we thought the very positive reaction of the US equity markets to the Fed’s 50bp rate hike was in the current context. It did not take long for the correction to occur, and it was extremely violent, with the Nasdaq in particular falling by 5%. Long-term interest rates also rebounded sharply,…
Yesterday marked another day of particularly flat European power spot prices with the ongoing wind shortage being offset by slightly higher French nuclear availability and hydro production. The day-ahead prices averaged 234.07€/MWh in Germany, France, Belgium and the Netherlands, +3.58€/MWh day-on-day. Conversely, the power forward prices extended hefty gains along the curve, driven up by…
European gas prices were up again yesterday, supported by the additional rise in coal prices (+10.31% for API2 1st nearby prices; +8.72% for Cal 2023 prices). The rise in Norwegian flows (to 337 mm cm/day on average yesterday, compared to 327 mm cm/day on Tuesday) failed to calm the upward pressure. On their side, Russian flows…
Oil rallied on Wednesday: Brent futures traded on ICE edged +4.9% higher to $110.14/b and WTI futures traded on NYMEX gained +5.3% to settle at $107.81/b. The bullish market was fueled by the presentation by the European Commission of its plan to ban the import of oil from Russia in six months and of refined products by…
