European embargo drives the market higher
Oil benchmarks went modestly up yesterday. Front-month July ICE Brent futures settled +0.7% higher at $110.90/b and NYMEX WTI gained +0.4% to reach $108.26/b. The…
European gas prices crashed yesterday, both on the spot and the curve, extending their previous session’s sharp losses.
The market ignored the drop in Norwegian flows, which averaged 269 mm cm/day, compared to 286 mm cm/day on Tuesday, due to unplanned outages. Russian flows were stable, at 331 mm cm/day on average.
It took direction from the news that the US administration would not impose sanctions against the developer of the Nord Stream 2 pipeline. The drop in parity prices with coal for power generation (both EUA and coal prices were down) provided additional downward pressure.
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