The power spot prices rebounded yesterday in northwestern Europe, buoyed by forecasts of colder temperatures and dropping wind output. The day-ahead prices averaged 280.23€/MWh in France, Germany, Belgium and the Netherlands, +73.70€/MWh day-on-day. The EUAs extended their massive rally on Wednesday as option trading and speculators continued to drive the market up towards 100€/t while…
European gas prices extended gains yesterday as the sharp drop in Norwegian supply tightened gas balances even more. Indeed, due to an unplanned outage at the giant Troll field, Norwegian flows dropped to 293 mm cm/day on average yesterday, compared to 350 mm cm/day on Tuesday. Russian supply was stable, at 280 mm cm/day on…
Governments continue to take measures both to limit the spread of the variant Delta, which is putting real pressure on hospital occupancy, and to prevent the spread of the variant Omicron, the latest being the UK government’s recommendation to work at home, wear a mask and have a vaccine passport for access to places where people…
Five key elements to understand the current rally in European energy prices European energy prices are ending 2021 with another bullish rally: TTF Jan-22 prices are back above the €100/MWh mark, EUA Dec-21 prices are trading at new record highs just below €90/ton and French Cal 2022 power prices are now trading above the €200/MWh…
Crude prices were boosted by better growth expectations, embodied by soaring equity markets and hiking bond yields, with the February ICE Brent contract trading above 75 $/b. On the fundamental side, time spreads remained under pressure compared to last month, at a 35 cents backwardation at the prompt, while the API survey showed a crude…
