Energy Market Update 19/11/2024

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:

📈 An early start to storage withdrawals in the UK and Europe is supporting prices into 2025, with competition between Europe and Asia during the summer expected to be strong

⚡A significant attack on Ukrainian power infrastructure has raised the demand for imports from the Continent, tightening the supply-demand balance and impacting UK import prospects

🌱 The UK renewable space continues to show positive developments, with the sector’s value expected to increase by around 60% by 2035, encouraging further investment and potentially stimulating further growth

🚗 European power demand is expected to increased 2-3% per year between 2025-30, reversing the recent trend of weakening demand. This is primarily driven by EV’s and the digital sector

🌍 Russia resells more gas in Europe after cutting off Austria, helping to reduce some of the increases seen on Friday

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