EUAs eroded early gains on falling wider markets
The European power spot prices edged up yesterday as the forecasts of weaker production were partly offset by the expectations of stronger solar and nuclear…
ICE Brent prompt month contract reached 64.6 $/b on early Wednesday, ahead of OPEC’s ministerial meeting, as most market observers expect OPEC to roll over the current production agreement, maintaining a tight grip on supply. The API survey showed indeed that OPEC’s return to the market was premature, with builds crude stocks close to 4 mb. However, declining gasoline stocks continued to be a warning sign for the US, as Gasoline demand likely outpaced 9 mb/d, a level for which current refining utilization is too low to supply the market.
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