Monthly Outlook Oct-26
Supply risks continue to dominate energy markets. Growing reliance on flexible LNG supply keeps gas prices under upward pressure into 2027, while strong gas-for-power demand and weak hydro output support power prices.
by Monthly Outlook Sep-26
With Qatar out of line well into 2027 and low storage levels in Europe, winter gas prices are expected to remain under upward pressure. Strong power demand and high thermal generation sustain electricity prices despite rising solar output.
Monthly Outlook July-26
LNG supply tightness and shipping flows yet to normalize combined with European storage refill needs, weak hydro, and resilient demand, keep gas and power prices supported near-term. A tight ETS framework keeps CO2 prices on a rising trend.
Monthly Outlook June-26
Oil and LNG markets remain under pressure, while power prices show weak correlation with commodities. Rising renewables depress daytime prices and increase zero price hours, alongside a modest industry led recovery in electricity demand.
by Monthly Outlook May-26
Oil and LNG markets remain tight: Gulf rebalancing will be slow, with only temporary relief from US inventories. Risks for gas prices persist despite weaker Asian demand, while strong renewable generation offers partial relief to power prices.
Monthly Outlook Apr-26
Europe adjusts to LNG shortages, with Norway and Algeria anchoring supplies and flows via Passo Gries supporting the PSV–TTF spread. In power markets, higher renewables and lower gas fired output cap EU price upside, easing pressure on the PUN.
Monthly Outlook Mar-26
1.6–3.6 Bcm of Italy’s LNG supply is at risk through May. Despite Algerian flows and storage withdrawals providing flexibility in the very short-term, the PSV is unlikely to move below 50 €/MWh before the injection season ends.
Monthly Outlook Feb-26
Winter LNG supply-demand margin stays near the minimum adequacy threshold, leaving gas prices exposed to upward pressure amid low storage levels. Gas market dynamics continue to support electricity prices, despite favorable renewable generation.
Monthly Outlook Gen-26
Global LNG oversupply won’t prevent short-term gas price volatility, with storage drawdowns in Europe and Asia key in early 2026. Despite falling gas prices, PUN rose on lower renewables, higher thermal output, and CO2 costs.
Monthly Outlook Dec-25
EU storage is well below average, and the global LNG demand-supply margin hovers near the 10% safety trigger, making a winter price rebound plausible. In power markets, weak renewable output is already driving upward price pressure.