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…
European gas prices increased strongly yesterday, supported by forecasts of colder temperatures from mid-December. News that the Biden administration was prepared to block the startup of the Nord Stream 2 gas pipeline in the event of a Russian military escalation into Ukraine also provided upward pressure. The rise in Asia JKM prices (+3.31% on the…
A new strong rebound in risky assets yesterday: +2.1% for the S&P 500, +3.4% for the Eurostoxx 50, the VIX plunging to 22, Brent back above $50/b… etc. The US 10-year rate remains almost stable at around 1.45%, but this is because expectations of a rate hike are clearly rising: the market is no longer very far from…
