Author: dounia elhakkaoui

Power prices were buoyed by the bullish fuel complex amid coming Russian oil ban and anticipation of military escalation

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…

Prices up again on higher coal and oil prices

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…

The European Commission presents the embargo on Russian oil

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…

The risk of stagflation is more relevant than ever

The reaction of the markets to the Fed’s announcements yesterday says a lot about the extreme nature of their expectations: the Fed increased its Fed funds rate by 50bp and its chairman announced that it would most probably repeat this operation in June and then in July, knowing that it will begin to withdraw liquidity…

US 10-year treasury rate hits the 3% mark

The yield on the US 10-year treasury bond hit the 3% mark for the first time since late 2018 ahead of the Fed meeting planned today and tomorrow to raise interest rates further (probably by 50 basis points) to combat soaring inflation and slowing growth. In the UK, the BoE is also expected to raise interest rates…

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