The year 2021 (and already a bit of 2022) in 10 charts 1 2021 was again a year marked by the pandemic but also by a recovery in inflation to levels not seen for 30 years. There are three main explanatory factors: ‒ energy prices (both a strong base effect due to their plunge in…
Diesel stockpiles globally continue to be the focus of many market participants, as ARA stocks were depleted last week by 1.4 mb, while Singapore and Fujairah stocks dropped by 0.1 mb and Singapore built by 0.6 mb. ARA middle distillate stocks are particularly at risk of dropping below 18 mb, which could send time spreads higher…
The European energy crunch entered a new phase on Thursday with an extreme spike in French power prices mirroring similar moves observed in Japan or Texas earlier this year. Prospects of record low nuclear availability pushed France Base Jan-22 prices at €640/MWh at the close, while FR Peak Jan-22 prices breached the €1200/MWh mark, suggesting that most…
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…
