Overview
A stable start with above average temperatures before the first cold snap of the season across much of Europe mid month. Heating demand increased and gas storage withdrawals accelerated temporarily, though any market volatility was limited and supply remained robust. Bearish sentiment was further supported by reports that a peace deal between Russia and Ukraine appears to be in an improved position towards the end of November.
Power
The bearish momentum for season ahead contracts continues, dipping particularly towards the end of the month. The future supply outlook remains strong into winter, further backed by strong wind generation and above average temperatures keeping markets loose.
Gas
Gas storage responds well to the first cold snap of the season, withdrawals take overall levels to 80% across Europe. LNG demand has remained consistent, though, colder temperatures in Asia could see some increased competition. Demand is largely balanced with record levels of LNG output from the USA.
Looking ahead
Short term, winter risk will continue to play a role
From early 2026, global LNG supply is expected to grow further and influence market dynamics significantly. For Europe, the LNG oversupply is likely to see LNG prices drop further and balance the gap from Russian imports
Developments between the Russia/Ukraine peace deal will be closely watched by the markets
ROC Recycle
The Apr24-Mar25 ROC Recycle Value has been published by Ofgem as £7.97/ROC.
If you would like any assistance with claiming these values from your energy supplier, please don’t hesitate to get in touch.
The Greenspan Agency produce this report on a best endeavours basis, and it has been supplied for your interest; the facts in this report should not be relied upon for decision making. If you have any queries about the content in this report, please contact bureau@greenspanenergy.com
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