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…
The European power spot prices remained overall stable yesterday amid little change in fundamentals. The day-ahead prices averaged 203.56€/MWh in Germany, France, Belgium and the Netherlands, +1.03€/MWh day-on-day. After a bearish morning that drove prices as low as 77.55€/t, the EUAs strongly rebounded on Thursday afternoon on bullish news from the gas market. The EUA…
European gas prices rebounded significantly yesterday, supported by the strong drop in Norwegian flows (down to 328 mm cm/day on average, compared to 342 mm cm/day on Wednesday, due to an unplanned outage at the Troll gas field); the outage is expected to end on 17 January. Asia JKM prices sent mixed signals: -15.19% on…
China has achieved a record trade surplus of $676 billion in 2021, thanks to the strong recovery in global demand for materials (steel), consumer goods and products specifically related to the pandemic (para-medical equipment). The relative weakness of domestic consumption has at the same time limited imports. This trend should be confirmed in 2022: China will…
