EUAs climbed above 49€/t on short-covering and soaring gas market
The forecasts of surging wind and solar production pressured the power spot prices for today, although the expectations of overall lower temperatures might have limited…
ICE Brent prompt prices weakened at 68.4 $/b, as the dollar rebounded. Fundamentals remain somewhat weak, as Japanese commercial stocks built, amid a continued drop in Japanese refining runs, markedly lower than seasonal patterns. Australia and Singapore were hit with a fresh batch of lockdown measures, limiting the upside for Asian runs. In the west, the weekly EIA report showed steep declines in their refined product stocks, while commercial crude stocks dropped by 1.7 mb. Refined products imports continue to be close to a record high, as the East coast region attracted cargoes coming from Europe.
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