Last Energy Update of 2023

Further decreases have continued due to steady supplies from Norway, a busy LNG schedule, wind generation and above average EU storage levels. All contributing to assist in shrugging off supply uncertainty as markets are heading further into the second Winter without pipeline flows from Russia.

In addition to this demand forecasts have been revised. It is now expected that demand is to remain below seasonal averages for the next two weeks and into the new year.

Furthermore, the disruptions at the Panama Canal has seen a large number of spot cargos head towards Europe.

The trend being interrupted by a suspension to vessels traveling via the Red Sea and a reduction in flows from Norway on Tuesday. This resulted in vessels (including LNG shipments) needing to divert and use alternate routes to avoid the region. However, the international task force presence now in the red sea has helped to reverse those small gains. Two UK Warships have been added to the force to help with security amid tensions (and recent) attacks on cargo and oil vessels.

In other news

The COP28 summit concluded in Dubai on the 13th December. After extensive deliberation, representatives from 198 countries struck a deal to commit to a ‘transition away from fossil fuels’.

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