The trend was rather optimistic in Asia after Evergrande, the Chinese property developer paid the interest due on a USD bond. There were 3 days left to do so before a formal default. Chinese authorities are clearly trying to buy time to come up with a credible crisis resolution plan, especially after the sale of Evergrande’s…
European gas prices rebounded yesterday during a session marked by low volatility. The slight increase in Asia JKM prices (+1.27%, to €104.205/MWh, on the spot; +1.76%, to €104.146/MWh, for the December 2021 contract) and in parity prices with coal for power generation (the strong rise in EUA prices offset the drop in coal prices) provided…
Higher clean fuels costs and forecasts of slightly increased power demand raised the power spot prices in northwestern Europe yesterday, except in Germany where the current wind surge observed in the country maintained the prices at the same level. The day-ahead prices hence averaged 144.18€/MWh in France, Belgium and the Netherlands, +51.78€/MWh day-on-day, and 61.50€/MWh…
ICE Brent crude futures continued to be supported, at 85.2 $/b for the Dec21 delivery, as stocks data in the US and the ARA region surprised to the downside. Indeed, US stocks were depleted by a combined 11 mb, mainly due to drops in gasoline and diesel stocks, as the US turnaround season took down 1.5 mb/d…
Equity markets in Europe and the US, with the exception of the Nasdaq, continued to rise modestly yesterday, still supported by corporate earnings. But inflation expectations are increasing and bond yields remain close to their recent highs. The Fed’s Beige Book delivered a state of play of the US economy tinged with risks of stagflation: “modest to…
