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…
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…
