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…
Crude prices rallied yesterday, above 85 $/b for ICE Brent crude, despite a rather neutral data release from the EIA. Indeed, crude stocks continued to be depleted at a rapid pace (4.6 mb) despite multiple maintenance and outages plaguing the US refineries (fire at the Baytown refinery broke last week). On the refined product side,…
The surging wind output and strengthening solar and hydro generation weighted further on the Euporean power spot prices yesterday, although the rather strong demand, especially in France where temperatures hover below normal this week, limited the losses. The day-ahead prices averaged 202.53€/MWh in Germany, France, Belgium and the Netherlands, -31.53€/MWh day-on-day. The power curve prices…
European gas prices maintained their bearish momentum yesterday. Indeed, the movements in Asia JKM prices (+1.42% on the spot, to €81.051/MWh; -0.43% for the February 2022 contract, to €98.410/MWh; -10.30% for the March 2022 contract, to €68.977/MWh) suggest that, while there is still some spot tension in the Asian market, this situation is not expected…
As expected, the US inflation rate reached 7% in December. The core inflation rate accelerated slightly more than expected to 5.5%. Whatever the measures of underlying inflation (they have multiplied in recent months in order to isolate the impact of the health crisis), the observation is always the same: structural forces are at work and the inflationary phenomenon…
