Prices maintain their uptrend
European gas prices maintained their uptrend overall yesterday, supported by the additional rise in coal prices: +3.20% for API2 1st nearby prices; +3.04% for Cal 2023 prices.…
ICE Brent prompt month contract recovered to 68.5 $/b on Friday amid a rapid recovery of the Eurodollar, and a global recovery in equity prices as US bond yields declined back to 1.6%, despite widespread inflation concerns. Indian demand for the first part of May was likely to be down by 30%, compared to May 2019. Chinese refining runs in April were at 14.09 mb/d, slightly below our expectations, as low Asian margins likely reduced the Chinese product exports.
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