EU curve power prices retrace recent gains but tight fundamentals remain supportive
Warmer and calmer weather expectations for the week ahead pushed spot power prices sharply up on Friday amid strong coal and gas prices. Day-ahead prices…
While ICE Brent prompt price for August expiry jumped to 75 $/b on early Tuesday, the spread between US crude (light sweet WTI) and the ICE Brent benchmark narrowed spectacularly from –2.4 $/b to –2 $/b. Gasoil cracks and other refined product prices did not rally as quickly as crude prices, leaving the ICE gasoil crack to a paltry level of 5.8 $/b at the prompt, a level not experienced since mid-April.
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