European gas prices increased yesterday, supported by strong demand due to cold weather and lower pipeline supply. Indeed, Norwegian flows were down yesterday, at 339 mm cm/day on average, compared to 346 mm cm/day on Tuesday. The same for Russian supply, which averaged 281 mm cm/day, compared to 286 mm cm/day on Tuesday. However, the…
What is happening in the markets is quite unusual: equity markets surged upwards in Europe yesterday before a sharp fall in US indices and relative stability in Asian markets overall. Pessimism prevailed in the US after the first (seemingly inevitable) case of the Omicron variant infection in California and the Fed Chairman’s hawkish statements before the…
After a strong start, European gas prices weakened by the close yesterday as the 30 mm cm/day of day-ahead transport capacity at Mallnow booked by Gazprom suggests Russian supply is likely to at least remain flat. The spread with Asia JKM prices (+2.43% on the spot, to €112.127/MWh; -1.24% for the January 2022 contract, to…
The power spot prices were mixed in northwestern Europe yesterday, slightly up in France and the Netherlands, but down in Germany and Belgium amid rising temperatures and surging wind output. The day-ahead prices reached 189.17€/MWh in the four countries, -7.25€/MWh with prices ranging from 91.00€/MWh in Germany to 280.10€/MWh in France. The carbon prices started…
Crude prices remained volatile, with an intraday correction of 3%, to end up gaining back most of it, at 72 $/b for the February ICE Brent contract. Oil-specific volatility remained markedly above equity volatility, which has usually moved in tandem during episodes of expected downward demand revision akin to the one we are experiencing. The…
