Energy Market Update 08/10/2024

Welcome to our weekly energy market update, where we share the latest trends, shifts, and key developments impacting the energy sector. Whether it’s fluctuations in oil and gas prices, changes in renewable energy policies, or updates on energy infrastructure projects, we’re here to help you stay informed. Join us as we break down the most important factors influencing the market this week, and explore what these changes could mean for your business.

Current Market Drivers:

📈 The IEA is forecasting increased gas demand in W-24 and into 2025, driven by rising demand from datacentres and economic recovery in Southeast Asia.

⚠️ Israel are considering attacks on Iranian oil infrastructure following Iran’s attacks last week; this has raised concerns of the possibility of the Strait of Hormuz being shut.

🛢️ U.S. oil and gas giants have cut the amount of oil and gas rigs in operation for the third week in a row. The total number of rigs is 34 rigs or 5.5% below the same time last year.

❄️ Whilst the recent cold weather has increased the demand for gas, European gas storages still remain at 94.4%, well above the target of 90% by November.

🏭 Despite a slight increase in European gas demand this year, it is expected that industrial gas consumption across Europe will decrease next year helping to decrease gas futures for 2025.

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