After the Fed, which accelerated the exit from QE, the Bank of England took the markets by surprise for a second consecutive time by raising its key rate from 0.1% to 0.25%. The ECB has been much more cautious and does not plan to hike rates before 2023, but it has also initiated the exit from QE. We will come…
European gas prices maintained their strong uptrend yesterday, still supported by concerns on low Russian supply as Gazprom did not book day-ahead capacity into Mallnow via the Yamal pipeline. Moreover, the head of German energy regulator said yesterday there will be no final decision on the certification of the operator of the Nord Stream 2…
European gas prices continued to strengthen on Wednesday, supported by cold, dry and not really windy weather forecasts for next week. Dwindling gas stocks and limited pipeline gas flows from Russia remain the main sources of concerns. Next monthly transport capacity auction planned for Monday will be the next key driver ahead of the end…
The European power spot prices soared above 300€/MWh yesterday on higher gas prices and forecasts of colder temperatures, weak nuclear availability and low renewable generation. The day-ahead prices averaged 343.77€/MWh in Germany France, Belgium and the Netherlands, +41.20€/MWh from the previous day. The EUAs unsurprisingly hovered in a narrow range around 80€/t on Wednesday, the…
Yesterday’s EIA data release had a surprisingly bullish tone, with stock draws across the board, particularly in seasonally building products such as gasoline and propane. The EIA reported a whopping 3.3 mb/d increase in implied demand, with most of it likely to be attributed to timing issues and potentially tax optimization on inventories. Crude stocks…
