Rising equities, the second biggest rise of the year in bond yields and a falling dollar seem to suggest that it was more optimism about global growth (fuelled by continued strong PMI surveys in both Europe and the US) rather than just fear of inflation that dominated yesterday. However, these moves come just after Fed members came…
ICE Brent crude prices continued to rise, reaching, 76.4 $/b on early Thursday, amid drawing inventories in the US and despite a rise of the US dollar, in light of the Fed’s increasingly hawkish stance during yesterday’s FOMC announcements. Indeed, fed members are now evenly split between 1 and 2 interest rate hikes for 2022. US petroleum stocks…
European gas spot and near curve prices weakened again yesterday, pressured by the drop in Asia JKM prices (-3.30% on the spot, to €78.098/MWh, -1.69% for the November 2021 contract, to €78.763/MWh) and profit taking. Prices on the far curve were more resilient, supported by the rise in parity prices with coal for power generation…
Forecasts of a wind surge in the upcoming hours led the power spot prices to drop in northwestern Europe, Germany as usual observing the heaviest losses due to its large wind turbine installed capacity. The day ahead prices averaged 137.33€/MWh in France, Belgium and the Netherlands, -17.35€/MWh day-on-day and 73.16€/MWh in Germany, -72.82€/MWh. The EUAs…
For a detailed analysis of the Fed’s announcements after its meeting, you can refer to the News sent last night. Unsurprisingly, the process of reducing asset purchases should start in November. Jerome Powell said that it could end by mid-2022. The Fed has insisted that this is not a sign of a subsequent rate hike, but Fed members’ forecasts seem to…
