Energy Market Update 24/09/2024

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:

📊 Robust storage levels in Europe (93%) and the UK (57%) amidst weak demand are helping to provide a limit to the upside

🛠️ The bulk of Norwegian maintenance has eased as majority of the maintenance ends without any further extensions

🌍 Geopolitical concerns emanating from the Middle East are supporting the market on fears that the conflict between Israel and Iran, or Israel and Hezbollah, could escalate further

💷 Since the 2022 introduction of the UK’s windfall tax on fossil fuel companies, loans to oil and gas producers have plummeted by up to 50%, threatening the viability of the North Sea energy sector

🌡️ As Egypt’s temperatures continue to rise so does their electricity demand. This has had a huge impact on the demand for natural gas and imports from Israel are expected to continue rising. This adds pressure on European markets as demand for liquified fuel rises

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