US futures have rallied overnight, but for now it is only a hypothetical rebound after a sharp downward correction in US equities last week, particularly in technology stocks, with the Nasdaq now down 15% from its November highs. Long rates have stopped rising for the time being, as we await the Fed meeting this week. If…
The pressure keeps building in the crude market, with ICE Brent crude rallying close to 88 $/b at the prompt this morning in a backdrop of Middle-eastern tensions, as Iran-backed Houthis in Yemen struck the UAE with a deadly drone attack on fuel trucks near Abu Dhabi’s airport. Yemen’s Houthi attacks were generally aimed at Saudi Arabia, the…
European gas prices dropped strongly yesterday, pressured by weaker Asia JKM prices (-20.88% on the spot, to €66.335/MWh), which implies LNG supply to Europe will remain high. The additional drop in Norwegian supply (to 310 mm cm/day yesterday, compared to 330 mm cm/day on Friday, still impacted by the unplanned outage at the Troll gas…
Most the power spot prices rebounded in northwestern Europe yesterday on forecast of a sharp drop in wind output for today, with prices rising by up to 106.56€/t in Germany from the previous day. The French prices however slightly retreated as the country is expected to observe a warmer and wetter weather today. The day-ahead…
Soaring oil prices are (rightly) fuelling inflationary fears. Inflation forecasts have been revised upwards significantly, as shown by the latest survey conducted by Bloomberg: +0.3% compared to the December survey on the annual average for 2022 for US inflation (4.6% against 4.3% previously). The market is now anticipating four 25bp rate hikes by the Fed this…
