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June 2024 Energy Market Update

In June 2024, the energy market has been influenced by various factors such as European gas storage levels, LNG competition, and geopolitical risks. Recent trends show a mix of bullish and bearish influences, impacting gas and electricity prices and contract strategies. Here’s a breakdown of the key highlights from each week in June:

Week of 7th of June 2024:
High European gas storage and reduced LNG demand are keeping prices stable, while UK receives minimal LNG cargoes. Heysham nuclear station's return from maintenance lowers prices, but Norway's Nyhamna gas plant outage adds uncertainty. Rising UK carbon prices and delayed Dogger Bank wind generation facility also influence the market.

Week of 20th of June 2024:
Stable prices due to high European gas storage and strong French energy exports to the UK. Heysham nuclear station is online, reducing short-term prices. However, LNG competition, oil market stability, and geopolitical risks continue to pose bullish influences. A new LNG cargo arriving in the UK adds bearish pressure.

Week of 26th of June 2024:
Slight price decreases due to mild weather, increased renewable generation, and the restart of Chevron's Wheatstone LNG facility. However, geopolitical risks, EU's Russian LNG ban, and potential French power worker strikes add upward pressure. Long-term contracts offer stability amid mixed market signals.

For further insights and information on the dynamic landscape of the 2024 energy market, feel free to contact us:

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