Energy Market Update 03/02/2025
Published: 03/02/2025
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:
📉 Trump has imposed tariffs on Mexico, China and Canada, with suggestions that the EU will also face similar measure’s causing some market uncertainty on prospects of supply chain disruptions, increase costs for businesses and consumers and a trigger of retaliatory measures.
🌍 Ongoing storage concerns emanating from the EU, UK and Ukraine, which are being exacerbated by the La Nina weather phenomenon (low temperatures and weak wind) are continuing to provide support.
📊 Gas storages across Europe are lower than the 5 year average for this time of year. As of 01/02/2025 gas gas storages across Europe were 53.1% full.
🚢 The UK continues to attract LNG cargoes amid weak Asian demand and a lack of major facility outages, which are keeping global production levels elevated. As a result, UK imports are scheduled for a 15% year-on-year increase in February so far.
⛽ The EU has decided not to include Russian LNG in their renewed sanction package, to help maintain supply security. Additionally the EU have also removed the energy crisis price cap, indicating that the worst of Europe’s energy crisis is over.
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