Energy Update
Energy Update
The energy market has remained relatively stable this year, with prices trading at an 84% decrease from when they peaked in August 2022 and healthy European Storage levels sitting at almost 20% above the capacity they were at last year.
However, prices remain open to volatility, with an extension to the annual maintenance in Norway tightening gas supplies for an unspecified duration. Prices are likely to be strained further, with a strong global demand for LNG and analysts forecasting an increase of 4% in global imports for this month compared to June. This will lead to a rise in prices as Europe competes with Asia to bid, where the demand is high due to increased temperatures resulting in the need for cooling.
Bullish Factors (upward pressure on markets):
Global demand for LNG.
Extended maintenance in Norway.
High demand for cooling in Asia.
Bearish Factors (downward pressure on markets):
Increase in wind generation predictions.
Healthy European Storage.
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