The European power spot prices were mixed for today, down in Germany and the Netherlands amid forecasts of stronger wind and solar generation, but up in France and Belgium with support from expectations of lower nuclear availability and higher power demand. The day-ahead prices averaged 177.18€/MWh in the four countries, +1.53€/MWh day-on-day. Failing another attempt…
While the Fed had done everything to limit the reaction of the interest rate markets to its decision to reduce its asset purchases, the Bank of England took them by surprise by leaving its key rate unchanged, even though it had largely contributed to fueling expectations of an increase. A tightening still appears possible in December, but…
Today, the OPEC ministerial meeting will be held in Vienna. We expect OPEC members to stick to their production policy and increase targeted group-wide production by 0.4 mb/d. While the political pressure is mounting for Saudi Arabia – the historical partner of the US in the Middle East – there are good reasons for maintaining a cautious approach…
European gas prices continued their rebound yesterday, posting strong gains as they got support from the rise in Asia JKM prices (+7.15%, to €82.262/MWh, on the spot; +6.03%, to €96.266/MWh, for the December 2021 contract) and in parity prices with coal for power generation (thanks to the strong rise in API2 coal prices). They ignored…
The European power spot prices faded further yesterday, weighted by forecasts of rising wind and hydro generation, although the stronger power demand expected today might have limited the losses. The day-ahead prices averaged 175.65€/MWh in Germany, France, Belgium and the Netherlands, -10.30€/t day-on-day. Buoyed by the rising gas prices amid low Russian supply, the carbon…
