The European power spot prices rebounded yesterday, driven up by forecasts of lower wind and solar generation and colder temperatures strengthening the power demand. The day-ahead prices averaged 200.15€/MWh in Germany, the Netherlands, France and Belgium, +25.06€/MWh day-on-day with the largest gains posted by the two latter which rose to respectively 232.40€/MWh and 215.47€/MWh. After…
European gas prices dropped yesterday as the long-awaited rise in Russian flows seems to materialize. Indeed, Gazprom said yesterday it had started to implement a plan for gas injection this month into five of its European storage facilities. Yesterday, Russian supply was higher (to 269 mm cm/day on average, compared to 252 mm cm/day on…
The decline in long term bond yields was accentuated yesterday, pulling the US 10 year down to 1.43%, mainly on the idea that Joe Biden might decide to replace Jerome Powell with Lael Brainard, the advocate of “infinite QE”. In reality, both have always voted exactly the same way at Fed meetings and a change in the head…
Prices dropped yesterday in most European gas markets, pressured by the additional increase in pipeline supply. Indeed, Russian supply increased again yesterday, to 250 mm cm/day on average, compared to 235 mm cm/day on Wednesday, thanks to the additional rise in flows through Ukraine and the restart of Yamal flows through Poland. Norwegian flows weakened…
Without material surprises, OPEC+ countries maintained their production policy unchanged yesterday, with 0.4 mb/d monthly production increases considered to be sufficient to respond to a market that will soon be oversupplied in Q1, according to demand estimates and seasonality. Furthermore, OPEC+ members insisted that their decisions could not be challenged by other nations outside OPEC,…
