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…
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 price of Brent crude oil rose by more than $7.5/b yesterday, its second biggest daily gain in the last decade. And it continues to rise this morning; it has already exceeded $113/b. WTI is following suit, also over $110/b, and the API data ahead of today’s EIA stocks report is not likely to calm things…
We were trying to find explanations for the wait-and-see attitude of the markets yesterday. It didn’t take long for this attitude to be shattered: energy prices literally soared as the fighting in Ukraine intensified. This led to a rally in the bond markets and the dollar and a plunge in the equity markets. This has been particularly the…
