European gas prices increased strongly yesterday, still supported by supply concerns. Indeed, although Russian flows rebounded slightly yesterday, averaging 287 mm cm/day, compared to 280 mm cm/day on Tuesday, thanks to the slight rebound in Mallnow flows, they were significantly below the 315 mm cm/day of Monday. Norwegian flows were slightly down, to 337 mm…
Crude futures remained supported, at 78.5 $/b, despite rapidly falling time spreads, with front-month ICE Brent time spread now valued at 50 cents, from 80 cents prior in the month. The move was likely due to the rather disappointing EIA data release, where stocks were built by 10 mb in total and more than 4…
The August PMIs confirmed the negative impact of the power cuts on China’s industrial activity in September, with the manufacturing PMI falling below 50 for the first time since the Covid-19 outbreak in February. The sharp rebound in the non-manufacturing index from 47.5 to 53.2, on the other hand, shows that the lifting of key restrictions…
Crude futures corrected, as signs of weakness multiplied across markets, as we mentioned yesterday. ICE Brent November contract fell from 80*/b to 77.7 $/b on early Wednesday, as time spreads started to correct as soon as Monday, amid rather loose fundamentals. Indeed, the API survey depicted a grim outlook for US inventories, as crude stocks built by…
The European power spot prices fell back yesterday as forecasts of a sharply rising wind output pressure the market despite expectations of stronger power demand (particularly limiting the losses in France) and weaker solar generation. The day-ahead prices hence averaged 137.85€/MWh in Germany, France, Belgium and the Netherlands, -18.15€/MWh. Pursuing their significant bullish rally started…
