The rise in crude oil prices continues. Brent crude is approaching $120/bbl this morning, its highest level in 10 years. A few more $/b and the 2011 and 2012 highs will be surpassed, leaving only the prospect of reaching the $150/b of 2008. WTI has already topped $116/b, while the Russian benchmark, Ural, is trading (or…
The European power spot prices surged near 340€/MWh yesterday, lifted by a combination of spiking gas prices, a wind shortage and a continuously weak nuclear availability. The day-ahead prices averaged 339.31€/MWh in Germany, France, Belgium and the Netherlands, +72.61€/MWh day-on-day. Extending their record fall, the carbon prices dropped down to a 5-month low of 55€/t…
European gas prices increased strongly yesterday, ignoring the continuation of Russia pipeline gas exports to Western Europe (which even increased to 258 mm cm/day yesterday, compared to 247 mm cm/day on Monday). The market seems to realize that Russia is not just a major pipeline exporter but also the world’s fourth largest LNG exporter (behind…
The US 10 year yield rebounded by 15bp yesterday to 1.87%, as oil prices soared and the Fed Chairman spoke to members of the House of Representatives. The Fed Chairman confirmed that the Fed would indeed raise its key rate by 25bp at its next meeting and of course stressed the fact that the war in Ukraine…
Beside the German prices jumping by 37.38€/MWh due to the wind shortage forecasted for the country and soaring gas prices, the other NWE power spot prices remained rather stable yesterday. The day-ahead prices averaged 266.70€/MWh in Germany, France, Belgium and the Netherlands, +11.26€/MWh day-on-day. On the curve, the power prices continued to spike alongside the…
