Increased hedging drove the carbon prices up
The European power spot prices faded yesterday amid forecasts of improving nuclear availability, a sudden surge of wind and hydro production and decreasing power demand.…
The price of Brent crude oil is back near its recent highs, just below $73/bbl. It is supported by the even slower than expected return of production (only 20%) in the Gulf of Mexico after the damage caused by Hurricane Ida. The prompt timespread has risen to 80 cents/b from 60 cents/b a few days ago.
According to API estimates, crude oil stocks fell by 2.9mb in the US, less than the market expected (-4.7mb). Product stocks are also expected to fall sharply, as refining capacity has also been hit hard by the hurricane.
Get more analysis and data with our Premium subscription
Ask for a free trial here
Don’t have an account yet?
Finally, there are tensions at production sites and ports in Libya, which could have a negative impact on production and exports. All in all, the fundamentals remain rather favourable for prices.