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…
The avalanche of statistics published yesterday in the US before the long Thanksgiving weekend confirmed the reacceleration of activity and growing inflationary pressures: higher than expected household spending and income in October, rebound in investment (durable goods orders), lowest level of unemployment claims since 1969, but a drop in household confidence due to inflation whose…
Markets are hesitant: US bond yields eased after approaching their recent highs yesterday. The 10-year bond touched 1.68%. The economic indicators continue to show a solid global economic recovery, which carries serious inflationary risks, and which could change the hitherto very confident analysis of central banks on the transitory nature of these risks. Thus, the PMIs came…
