Market Information Thursday 24 March 2022

The European Commission wants European countries to pool their gas purchases and is proposing an obligation to replenish gas stocks for the coming winter. Joint purchasing would make it easier for member states to import energy at a good and fair price, without having to bid against each other. Collective purchasing should also be applied to the import of renewable gas and hydrogen. The bill requires gas storage to be increased to at least 80% of capacity for the winter this year. This would rise to 90% in the following years to provide energy security.

Producer prices in the UK continued to rise in February. This was shown Wednesday by figures from the British statistical office ONS. On a monthly basis prices increased with 0.8%, after the increase of 1.2% in January. On a yearly basis producer prices increased by 10.1% in February, compared to 9.9% a month earlier. Economists had previously expected an increase of 0.8% on a monthly basis and 9.9% on an annual basis.

The stocks of crude oil in the United States decreased last week. This is reported by the American energy agency EIA. In the week ending 18 March, crude oil stocks decreased by 2.5 million barrels to 413.4 million. Gasoline stocks decreased by 2.9 million barrels to 238.0 million barrels. Fuel oil and diesel stocks decreased by 2.1 million barrels to 112.1 million. Refinery capacity utilisation was 91.1%, down from 90.4% a week earlier.

The 6M Euribor is unchanged at -0.39% compared to previous business day. The 10Y Swap decreased with 6 basis points to 1.07% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.