ICE Brent crude price topped 86 $/b before this weekend, with Asian gasoil prices reaching 100 $/b at the prompt, due to a continued rally in diesel and jet cracks. Singapore inventories continued to show depleting diesel stockpiles (-1 mb last week, close to pre-GFC lows), as China exports at a subdued level (below 200 kb/d). Still, in…
European gas prices continued to rebound on Friday, still supported by weaker Norwegian flows following the unplanned outage at the Troll gas field (although they increased slightly to 330 mm cm/day, compared to 328 mm cm/day on Thursday). On their side, Russian flows were stable at 183 mm cm/day on average. The rise in Asia…
The power spot prices are mixed for today in northwestern Europe, down in Germany due to the wind production expected to surge near 40GW today, up in France on weaker hydro generation and strong demand with temperatures lingering 2°C below normal, and in the middle for Belgium and the Netherlands, torn between the first two…
China’s GDP growth declined to +4% yoy in the last quarter of 2021. This is a less sharp deceleration than expected, thanks in particular to the rebound in industrial activity (which accelerated to +4.3% yoy in December). The slowdown in retail sales (+1.7% yoy in December) and residential investment, on the other hand, shows that the…
The rally in the diesel market is finally materializing as European distillate cracks rose strongly this week, reaching 14 $/b for ICE Gasoil cracks – despite a timid rise in ARA distillate stocks – mimicking Asian distillate markets, as Singapore stocks hit new lows yesterday, down by 1 mb w/w. This need to resupply the Asian…
