The rebound in European equity markets could continue after Evergrande announced that it had reached an agreement with its creditors on the payment of interest tomorrow on a yuan loan. This seems to confirm that the Chinese authorities will “convince” the domestic creditors to rearrange the repayment terms to avoid a formal default by the property developer.…
The European power spot prices were mixed yesterday, up in France, Belgium and the Netherlands on expectations of weak wind production and strong demand, but up in Germany amid forecasts of slightly higher wind generation with possibly some pressure from the lower clean fuels costs. The day-ahead contracts hence averaged 152.50€/MWh in the four countries,…
Crude markets continued to be partially bid up with ICE Brent November contract reaching 75.4 $/b. The industrial survey published by the API reported another sizable crude draw of 6.1 mb in the US, while gasoline and distillate stocks respectively declined by 0.4 mb and 2.7 mb. The long-lasting impact of Ida on US offshore production, therefore,…
European gas prices weakened slightly yesterday, despite the further rise in Asia JKM prices (+8.10% on the spot, to €80.761/MWh, +1.27% for the November 2021 contract, to €80.116/MWh). The drop seems to have been triggered by profit taking by financial participants after the strong increases of the previous session. On the spot supply side, Russian…
