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…
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 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…
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…
Oil prices went up yesterday: on NYMEX, WTI front month gained less than 0.1%, ending at $105.17/b. On ICE, Brent price was +0.4% up to settle at $107.58/b. Market reversed at the end of the day, as Brent fell as low as $103.10/b during the session. The main concern was the slowing of the Chinese…
