Crude markets remained supported, ahead of the OPEC+ meeting, despite inventory builds reported by the API survey. Indeed, crude inventories grew by 3.6 mb, while Cushing stocks were seen down by 0.8 mb, explaining why WTI’s backwardation remained elevated compared to the ICE Brent backwardation. On a global scale, total inventories are seen to have contradictory…
The European power spot prices slightly faded yesterday, possibly weighted by the rising French nuclear availability and hydro generation offsetting the forecasts of lower wind and solar output and higher power demand. The day-ahead prices averaged 186.83€/MWh in Germany, France, Belgium and the Netherlands, -17.21€/MWh day-on-day but nonetheless +17.00€/MWh from the previous week due to…
There was little significant movement in the financial markets, although equities continued to rise, with the CAC 40 breaking its record high from the internet bubble in 2000. The outcome of the Fed meeting is eagerly awaited (7pm CET), although it should come as no great surprise: the Fed is expected to announce that it is starting…
Crude prices corrected, with ICE Brent Dec21 contracts back to 84.3 $/b, as diesel cracks in Europe weakened momentarily, due to a 1.3 mb diesel build in the ARA region. Stocks remained below seasonal averages, with 16.3 mb of inventories. Furthermore, long-range weather forecasts in the US and Europe were revised warmer and windier, especially for the…
The European power spot prices rebounded yesterday, lifted by forecasts of weaker wind output and French nuclear availability combined with a drop in temperatures strongly strengthening the power demand. The day-ahead prices averaged 173.91€/MWh in France, Belgium and the Netherlands, +29.73€/MWh with the highest prices observed in France at 209.65€/MWh due the country’s more temperature…
