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…
The latest Fed meeting did not surprise market consensus and implied market rates. Indeed, on many aspects, bond yields and interest rate futures were in sync with the Fed’s assessment of the inflation situation in the US and abroad. In this meeting, Fed members maintained the target rate unchanged. It was decided that the pace…
Except in France where they rose by 16€/MWh, the European power spot prices were mostly stable yesterday as the forecasts of stronger renewable and nuclear production offset the higher gas prices. The day-ahead prices averaged 302.57€/MWh in Germany, France, Belgium and the Netherlands, +0.26€/MWh day-on-day. Ignoring the firmer gas prices, the EUAs continued to drop…
European gas prices maintained their strong uptrend yesterday, still supported by tight domestic fundamentals, while competition with Asia for LNG supply does not show yet strong and decisive signs of weakening. Indeed, Asia JKM prices were up by 1.15% on the spot, to €118.372/MWh, and by 6.33% for the February 2022 contract, to €127.566/MWh. On the…
