ICE Brent prices reversed to 72.6 $/b, as the dollar surged against other currencies, due to the more hawkish US macro policy outlook. Interestingly, time spreads at the prompt climbed higher during this event, still valued at 80 cents at the prompt, as fundamentals were not affected by macroeconomic policy. WTI-Brent spreads reversed slightly but we remain constructive on this spread.
The European power spot prices dropped below the clean gas costs yesterday amid forecasts of stronger wind and hydro production and milder temperatures. Prices reached…
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