European gas prices increased strongly yesterday after PGNiG, the state-controlled Polish company, said Russian gas supplies to Poland under its long-term contract with Gazprom were to be completely suspended from April 27 after it refused to settle its bills in rubles. Obviously, this decision by Gazprom has raised serious concerns about the future of Russian…
Oil benchmarks bounced back yesterday: at market close, ICE Brent Front month settled at $104.99/b climbing by +2.6% while the NYMEX WTI closed +3.2% higher at $101.70/b. Monday prices drop was driven by the prospect of an economic slowdown in China due to zero-Covid strategy with stringent lockdowns, Tuesday turn around was supported by the comment…
1.0616 at the time of writing, possibly lower by the time of publication. The EUR/USD exchange rate has sunk below its 2020 lows. You have to go back to 2017 to find a lower level. The 2 main reasons are known: 1) the rise of risk aversion which resulted in a violent downward correction of the US markets and…
Oil prices plunged yesterday, before recovering somewhat, in line with the US stock market: the ICE Brent front month fell to $99.5/b, before rebounding to $102.32/b at the end of the day (-4.1%). It is trading around $103/b this morning. The NYMEX WTI front month fell by 3.5% to end the day at $98.54/b. The fears…
The European power spot prices inched up yesterday as forecasts of higher demand and falling wind production were mostly offset by expectations of improved French nuclear availability and increased hydro generation. The day-ahead prices hence averaged 233.85€/MWh in Germany, France, Belgium and the Netherlands, +11.38€/MWh day-on-day. Easing uncertainties over the Russian gas payment in rubles…
