European gas prices increased again yesterday, mainly supported by rising tensions on the Ukrainian border. The rise in Asia JKM prices (+13.70% on the spot, to €80.737/MWh; +1.68% for the March 2022 contract, to €75.110/MWh; +3.65% for the April 2022 contract, to €80.588/MWh) helped accompany the bullish momentum as it suggests stronger competition between Europe…
Oil prices remain stuck at their highs, around $96/b for Brent 1st-nearby. The market is fully focused on what is happening on the Russian-Ukrainian border. The Ukrainian President appeared to raise the possibility of Ukraine withdrawing its application to join Nato, while making a dubious joke about the timing of a possible Russian attack. At the…
The markets are on tenterhooks, watching for the slightest signal that tensions with Russia are easing or that an invasion of Ukraine is imminent. Equity markets fell sharply in Europe yesterday. Volatility was high in the US, but losses were limited. The US 10-year yield rose above 2% before falling back below it again. The dollar strengthened…
Just as oil prices looked set for their first weekly decline after seven consecutive rises, they rose sharply on Friday evening after a US official said that a Russian attack on Ukraine could happen very quickly. Many countries, like the US, have asked their citizens to leave Ukraine. The price of Brent 1st-nearby rose above $96/b overnight.…
European gas prices rebounded overall on Friday, mainly supported by lower Russian supply (191 mm cm/day on average, compared to 196 mm cm/day on Thursday and 237 mm cm/day on Monday) as flows through Ukraine continued to weaken. On their side, Norwegian flows were up, averaging 333 mm cm/day, compared to 330 mm cm/day on…
