Prices up on lower pipeline supply and resilient coal prices
European gas prices were up overall yesterday, supported by lower pipeline supply and resilient coal prices. Indeed, Russian supply dropped again yesterday, averaging 217 mm…
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Last week’s crude oil price decline was likely caused by a broad selloff in Brent and WTI futures, as total open interest declined significantly. Looking at ICE Brent futures positioning, every category (managed- money, merchant players, swap dealers) reduced their exposure, as volatility was expected to rise, amid an uncertain OPEC+ production policy.