Energy Market Update 05/11/2024

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:

📄 Slovakia’s SPP and Ukraine have dismissed reports of a deal between European countries and Azerbaijan to replace Russian gas flows via Ukraine.

🌍 Geopolitics in the Middle East continues to offer support as Iran has vowed an “unimaginable” response to Israeli attacks last week, deepening concerns of a wider conflict in the region.

🚗 The UK government plan to phase out new cars with internal combustion engines, introducing new incentives for Electric Vehicles, potentially raising power demand and adding strain to the grid.

💷 The UK’s Autumn budget has pledged £125m in funding for 2025-26 for Great British Energy, with aims to help accelerate grid connections and build new network infrastructure.

🔥Europe’s gas storages remain at 95% full as we go into November ahead of a target of 90%. This helps ease some pressure on near-term futures prices.

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