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September 13, 2024
Gas and power markets settle to the lowest price within over six weeks, influenced by the recent crash of the oil markets.
Oil prices have recently been a focus for traders and consumers as prices are returning to 12-month lows. This decline was driven by increased supply, such as the easing of disruptions in Libya, and concerns over sluggish global demand growth.
Some market traders where anticipating a floor price throughout this week, however yesterday, sentiment and outlook resulted in sell-offs influenced by OPEC and its allies lowering their demand outlook for 2024 and 2025, which could result in further reductions.
Hedge funds and market managers also note an aggressively weak outlook, shorting the crude prices.
Stronger renewable generation also fed into the bearish sentiment.
Despite this hesitant market factors do persist. Participants continue to analyse the flow rate of gas through Russia to Europe and potential supply concerns. In addition, the Freeport LNG terminal flows have reduced in anticipation of a hurricane.