Energy Market Update 03/12/2024

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 European Commission has increased the minimum storage requirements for February from 45% to 50% next year, increasing buying pressure over the winter period. It could mitigate some summer demand but Asia buyers may switch their buying to summer, limiting any impact.

🌍 Ongoing geopolitical risk from Russia and the Middle East remains supportive, with the ceasefire between Israel and Hezbollah tentative and Ukraine’s push to join NATO likely invoking some repercussions from Russia.

⚡ Russia continue to attack Ukrainian energy infrastructure increasing Ukraine’s import demand from neighbouring countries this winter, potentially limiting import prospects to the UK.

🚢 Venture Global’s Plaquemine’s LNG facility has begun making LNG shipments available for purchase for the rest of 2025, improving LNG supply dynamics.

🔥 Norway’s Gassco expected strong gas supply to the UK and Europe for the remainder of Winter-24 and into 2025, helping to elevate some supply concerns as Norway has become Europe’s biggest gas supplier in recent years.

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