Surprising contraction of the US GDP in Q1 (-1.4% qoq annualised): as expected, inventories contributed negatively to growth, as did public spending, but it was above all foreign trade that weighed on growth, with a very sharp rise in imports (+17.7%) and a decline in exports (-5.9%). But the core of growth, private domestic demand (consumption,…
The European power spot prices remained once again overall steady and just below the clean gas costs yesterday amid mostly unchanged fundamentals. The day-ahead prices hence averaged 230.14€/MWh in Germany, France, Belgium and the Netherlands, +9.21€/MWh day-on-day but could face some pressure for tomorrow and the upcoming weekend from the increasing solar generation forecasted and…
Oil benchmarks were mixed yesterday, they started moving up, the Brent reached $106.35/b, then the market made a U-turn and Brent touched $103.27/b to end the day at $105.32/b gaining less than 0.01%. NYMEX WTI front month followed a similar path to close stable at $102.2/b. At first it was the Russian decision to stop…
Prices increased again yesterday in most European gas markets. As expected, Russia suspended yesterday deliveries to Poland and Bulgaria after they refused to pay for supplies in rubles, raising concerns more European customers could be cut off. However, total Russian flow were up yesterday, averaging 223 mm cm/day, compared to 207 mm cm/day on Tuesday,…
EUR continued to fall against USD yesterday, and reached 1.0501 a 5-year low. After a brief rebound the pair is again trading lower this morning. This results from the looming recession in Europe due to the war in Ukraine and from the hawkish policy the Fed is planning to follow. For the same reason, JPY…
