According to the API industry survey, US crude stocks built by 5.2 mb w/w, while Cushing stocks dropped by 2.2 mb, lending support to the greater availability of crude in PADD3 and the Atlantic basin. Indeed, crude stocks are expected to build slightly in the US for the month of October, in line with the…
The power spot prices were mixed in northwestern Europe yesterday, driven down in Germany and the Netherlands by forecasts of stronger wind output but slightly up in France and Belgium amid expectations of increased peak power demand. The day-ahead prices hence averaged 189.09€/MWh in the four countries, -3.58€/MWh day-on-day. The EUAs traded rangebound on Wednesday,…
European gas prices continued to rebound yesterday, supported by uncertainty on the level of Russian flows for the coming months after President Putin said Russia is prepared to increase gas supplies to Europe if it receives requests for more gas from its customers (via long term contracts?). The rise in Asia JKM prices (+3.97%, to…
The rise in the US inflation rate to 5.4% and the maintenance of core inflation at 4% in September reinforce the feeling that this transitory phenomenon linked to the Covid crisis… is bound to last. This is also what Fed members fear from the minutes of their last meeting. They confirmed that the announcement of a reduction in securities purchases would probably…
Crude prices remained supported by the rest of the commodity complex, with the White House urging OPEC+ nations to increase their output. Since last Friday, the US crude market witnessed heightened volatility, as the prompt WTI time spread spiked from 60 cents to 110 cents intraday, without clear fundamental drivers, which pushed WTI prices above 81…
