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,…
Crude prices remained elevated, at 82.2 $/b for ICE Brent front-month price, despite the SPR release announcement and a relatively neutral EIA weekly snapshot. Total crude inventories declined (accounting for the SPR release of last week) while distillate stocks declined further, likely due to a slower than anticipated ramp-up in US refining runs. Gasoline inventories also hovered…
Besides in France where the colder temperatures and weakening nuclear availability lifted the prices further up, the European power spot prices retreated yesterday, pressured by forecasts of stronger wind output. The day-ahead prices averaged 229.51€/MWh in Germany, Belgium and the Netherlands, -40.13€/MWh day-on-day, and 302.14€/MWh in France, +6.32€/MWh dod. Trading mostly neutral for the first…
European gas prices increased again yesterday, still supported by cold weather and concerns on Nord Stream 2. The strength in Asia JKM prices (+6.47%, to €109.571/MWh, on the spot; +0.80%, to €110.330/MWh, for the January 2022 contract) helped accompany the bullish momentum. On the spot pipeline supply side, Norwegian flows were almost stable yesterday, at…
