Energy Market Update 28/10/2024

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:

🚢 Israel has launched a series of attacks on Iran. On Friday, Israel launched a series of precision air and drone strikes on Iran, targeting defences and missile production. Fears of the war affecting energy exports have raised global energy prices.

⏲️ Total Energies have announced delays to several LNG facilities which were due to come online in 2025. The next wave of LNG supply will not be expected until 2027.

💰 The trend of negative intraday power prices continues to be seen across Europe. This could affect the build-out of renewables if developers cannot be certain of a consistent income.

🏭 Israel’s response to Iranian missile strikes was limited to military-related targets, eroding some of the concerns around a strong response from Iran if oil and nuclear facilities were targeted.

🌡️ The temperature forecasts for November-December have been revised up, reducing gas demand for heating. This could limit significant storage withdrawals ahead of the colder winter months and by extension limit demand for injections in 2025.

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