I have good and bad news…
I’ll start with the bad one as it explains the relapse of risky assets after yesterday’s rebound: Brent crude oil price close to $70/b, US 10-year yield below…
European spot gas prices rebounded on Friday, supported by higher residential demand and weak pipeline supply. Indeed, Norwegian flows weakened again, averaging 263 mm cm/day, compared to 266 mm cm/day on Thursday, due to unplanned works at the Oseberg field. As for Russian flows, they remained stable, at 332 mm cm/day on average.
The rise in spot prices spread slightly to near curve prices. By contrast, far curve prices were down, pressured by the drop in EUA prices, which reduced parity prices with coal for power generation.
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