Crude prices rally, supported by product markets
Brent prompt futures reached 59 $/b on early Thursday, despite a rally in the dollar as global inventories dwindled and OPEC+ member were renewing their commitments…
European gas prices extended gains yesterday, still supported by tight domestic fundamentals.
The strong rise in Asia JKM prices provided additional support, offsetting the drop in parity prices with coal for power generation (both coal and EUA prices were down).
On the pipeline supply side, Russian flows were up yesterday, at 328 mm cm/day on average, compared to 320 mm cm/day on Friday. Norwegian flows were stable, averaging 303 mm cm/day (still significantly below the maximum of 348 mm cm/day of early April).
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