Brent 1st nearby is close to $89/b again, a level it exceeded last year. The United Arab Emirates announced that it had intercepted two new missiles fired by Yemeni Houthi rebels. The threat of Russian military intervention in Ukraine also continues to fuel geopolitical risk. On the demand side, it is confirmed that the Omicron wave has had a…
European gas prices increased on Friday as concerns about low stock levels have returned to the fore (on 22 January, European gas storages were 43% full on average, compared to 57% in 2021 and 77% in 2020). The rise in Asia JKM prices (+6.34% on the spot, to €62.903/MWh; +7.34% for the March 2022 contract,…
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…
