It was to be expected: the simultaneous emergence of the Omicron variant and the peak of inflation (the inflation rate in the euro zone reached 4.9% in November!) is confusing the financial markets. After Moderna’s CEO’s statements on the probable ineffectiveness of existing vaccines against the new variant, other less pessimistic comments from other laboratory…
Amid unchanged fundamentals, European gas prices weakened slightly overall yesterday. The (moderate) drop in Asia JKM prices (-1.91%, to €107.482/MWh, on the spot) helped accompany the drop. On the spot pipeline supply side, Norwegian flows were slightly up yesterday, at 348 mm cm/day on average, compared to 343 mm cm/day on Wednesday. Russian supply was…
The power spot prices faded in northwestern Europe yesterday, driven down by forecasts of stronger wind output despite the colder temperatures. The day-ahead prices averaged 220.84€/MWh in Germany, France, Belgium and the Netherlands, -26.83€/MWh day-on-day. The EUAs pursued their sharp ascend and climbed above 75€/t to another fresh record on Thursday, lifted by continuous buying…
By falling below 80 $/b, ICE Brent front-month future declined by close to 4.5% within a day. Yet, front-month time spreads remained supported, at 127 cents. The decline in US bond yields and Asian equity markets likely impacted crude prices. Global financial markets remain worried about the rise of a potential new variant found in South Africa.…
With markets slowing down due to Thanksgiving in the US, news of the rapid diffusion of a new variant (B.1.1.529) in South Africa and neighbouring countries has spread like wildfire and has already had notable consequences: a sharp decline in Asian equity markets and a fall in bond yields, with the US 10-year down to 1.54%. Curiously,…
