Torn between opposing fundamentals, European gas prices reached new historical highs yesterday before closing lower. As proof that gas supply is becoming a problem in the country, Ukraine’s energy ministry has banned the export of gas held in Ukraine, including gas into storages (usually held by Western Europe operators that can move it back to…
The price of Brent 1st-nearby fell from nearly $120/b to $110/b yesterday. It has risen a little with the events of the night (a missile hit Europe’s largest nuclear power plant in southern Ukraine) which reminds us that the physical risk on the transport of hydrocarbons is always present during armed conflicts. Brent crude oil…
Unsurprisingly, the markets fell back into pessimism yesterday, with stocks recording substantial declines, again particularly in Europe (-2% for the Eurostoxx 50, bringing its decline to 13% since the beginning of the year, compared with -0.5% and -9% respectively for the S&P 500 in the US). The rebound that accompanied the Fed chairman’s speech on…
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…
