Energy markets analysis

July 1, 2026

Oil Surplus Risk Builds as Gas and Carbon Prices Rise

Oil Surplus Risk Builds as Gas and Carbon Prices Rise July  01, 2026 Oil Surplus Risk Builds as Gas and Carbon Prices Stay Firm  Macro backdrop: equities rebound, yields rise  US equity markets ended the second quarter strongly, with the Nasdaq gaining more than 22% over the quarter and the…
July 1, 2026

Oil Prices Fall as Hormuz Flows Recover While European Gas and Power Markets Stay Volatile 

Oil Prices Fall as Hormuz Flows Recover While European Gas and Power Markets Stay Volatile Oil Prices Slide Toward $72 as Markets Adjust to Rising Supply  Global oil markets continue to lose momentum as Brent crude moves closer to $72 per barrel, reflecting easing geopolitical concerns and improving supply conditions.  The primary driver behind the latest decline is the rapid recovery of tanker traffic through the Strait of Hormuz, one of the world’s most strategic energy shipping routes. Shipping volumes have largely returned to pre-conflict levels, significantly reducing fears of supply disruptions.  According to market observations, approximately 35 oil and gas tankers recently exited the Gulf, bringing daily flows close to the levels seen before the regional tensions escalated. As physical supply normalizes,…
May 13, 2026

Oil Risk Premium Lifts Gas, Power and Carbon Markets 

Oil Risk Premium Lifts Gas, Power and Carbon Markets May  13, 2026 Energy markets remain driven by geopolitical risk, with oil prices rising as uncertainty around the Iran ceasefire continues to support a strong risk premium. The move is spreading across European gas, power and carbon markets, while higher oil prices are also feeding…
May 13, 2026

European Gas Risk Premium is easing on hopes of a cease-fire agreement in the Middle East

European Gas Risk Premium is easing on hopes of a cease-fire agreement in the Middle East European gas prices eased in April so far as risk premium declined, supported by hopes of a ceasefire agreement in the Middle East, steadier balances, lower storage pressure, and lighter fund positioning. Since early April, European gas prices had continued to…
May 11, 2026

Oil Above $105/b as Middle East Tensions Support Energy Prices  

Oil Above $105/b as Middle East Tensions Support Energy Prices May  11, 2026 Energy markets remain firmly supported as geopolitical tensions in the Middle East intensify, pushing oil prices above $105/b. At the same time, gas and power markets are reacting to a combination of geopolitical uncertainty, weather dynamics, and macroeconomic signals. The…
April 28, 2026

Iran War Drives Oil Higher as Europe Feels the Strain 

Iran War Drives Oil Higher as Europe Feels the Strain April  27, 2026 Oil markets react to stalled Hormuz traffic  Brent crude has rebounded sharply as the situation around the Strait of Hormuz remains unresolved. On 17 April, Brent had fallen to $86.09/b following statements from Iranian authorities suggesting a reopening of the Strait. However, the US maintained its blockade of Iranian ports, and the Strait closed again almost immediately.  Shipping traffic has since remained highly restricted, with even fewer ships allowed through in recent days. In the report, Brent was already at $105.33/b, up $15/b over the week. Since then, oil prices have moved even higher, with Brent now around $112/b, reflecting continued disruption in the Strait of Hormuz and the lack of progress in US–Iran relations.  The market is therefore pricing two simultaneous risks. On the one hand, it does not appear to expect a full resumption of conflict, which would likely bring further damage to oil infrastructure in Iran…
January 21, 2026

The energy market in 2025

DOWNLOAD OUR FULL REPORT The energy market in 2025 The energy market in 2025 In 2025, energy markets continued to normalise compared with the 2022 shock, yet volatility remained structurally higher than pre-crisis levels. Geopolitical tensions, shifting macro expectations and the growing weight of renewables in Europe reshaped price dynamics…
January 13, 2026

WHITE PAPER:The Venezuelan Pivot

DOWNLOAD OUR WHITE PAPER The Venezuelan Pivot This position paper examines the geopolitical and market implications of the recent U.S. intervention in Venezuela, a move that redefines regional oil flows and global energy dynamics. The operation, which resulted in the removal of Nicolás Maduro and U.S. control over Venezuelan oil infrastructure,…
November 26, 2025

WHITE PAPER:Gas and oil price spread: how could it evolve?

DOWNLOAD OUR WHITE PAPER Gas and oil price spread: how could it evolve? Since 2022, gas prices in Europe and Asia have tended to trade more closely around oilprices.In this paper,we explore some of the substitution links that exist between oil and gas. While the substitutability tends to create a…
September 26, 2025

WHITE PAPER: ETS2

TÉLÉCHARGEZ NOTRE DERNIER WHITE PAPER : ETS2 Ce white paper examine la conception, le fonctionnement et les implications du nouveau système d’échange de quotas d’émission 2 (ETS2), une politique phare du Green Deal pour l’Europe visant à accélérer la décarbonisation dans les secteurs du transport routier et du bâtiment. Après…
ENGIE, report, analysis, market, power, EnergyScan
September 19, 2025

WHITE PAPER: ETS2

DOWNLOAD OUR WHITE PAPER ETS2 The new Emissions Trading System 2 (ETS2) will transform how carbon prices affects road transport and building sectors. This white paper explains why the ETS2 was created, how it works, and what it means for fuel costs, households, and businesses. Whether you are new to carbon markets or…
ENGIE, report, analysis, market, power, EnergyScan
January 6, 2025

SPECIAL REPORT: Power Market Essentials

DOWNLOAD OUR SPECIAL REPORT Power Market Essentials Power Market Essentials In recent years, the global power market has become a critical component in the transition to decarbonized societies. As the demand for renewable energy rises, the need to connect energy generation to end consumers in an economically viable way has…
ENGIE, report, analysis, market, economic growth, energy consumption, LNG, demand, EnergyScan
December 10, 2024

SPECIAL REPORT: Economic growth, energy consumption and LNG demand

DOWNLOAD OUR SPECIAL REPORT Economic Growth, Energy Consumption and LNG Demand Economic Growth and Energy Consumption: The future of LNG Demand In recent years, global energy markets have been shaped by key players like China, India, and Europe. As economic growth continues to drive energy consumption worldwide, the demand for…
January 11, 2023

SPECIAL REPORT: 2022 Energy Market Year Recap

DOWNLOAD OUR SPECIAL REPORT The Energy Market in 2022 Let’s take a look at the events that influenced the energy markets in 2022. Throughout the year, ENGIE’s market experts analyzed the key events, their influence on energy prices, and the expected trends in order to detect opportunities in the Macro-economic,…
December 13, 2022

What happened to gas and power liquidity in Europe in 2022 ?

What happened to gas and power liquidity in Europe in 2022? Share this news : Share on twitter Share on linkedin Share on email You might also read : July 27, 2021 European prices up again European spot gas prices increased yesterday, supported mainly by lower Norwegian supply. Indeed, Norwegian…
September 9, 2022

SPECIAL WEBINAR: The storm is raging accros European energy market

EXCLUSIVE WEBINAR Star your free trial & Get access to an exclusive webinar The storm is raging across European energy markets – European gas systems remain tight but demand is falling amid surging prices– The impact of the historic drought on European electricity systems and the uncertain nuclear generation picture–…
December 23, 2021

The year 2021 (and already a bit of 2022) in 10 charts

The year 2021 (and already a bit of 2022) in 10 charts 1 2021 was again a year marked by the pandemic but also by a recovery in inflation to levels not seen for 30 years. There are three main explanatory factors: ‒ energy prices (both a strong base effect…
December 8, 2021

Five key elements to understand the current rally in European energy prices

Five key elements to understand the current rally in European energy prices European energy prices are ending 2021 with another bullish rally: TTF Jan-22 prices are back above the €100/MWh mark, EUA Dec-21 prices are trading at new record highs just below €90/ton and French Cal 2022 power prices are…
November 15, 2021

EGM Monthly Report – November 2021

EGM Monthly Report – November 2021 Macroeconomic and forex Global output lags behind global demand and recruitment difficulties are not easing, which fuels inflationary pressures. Central banks resist market pressure and defy rate hike expectations, pushing equity markets to record-high levels. The euro may not have bottomed out yet. Oil…
March 1, 2021

Infographic – EUA prices above €40/t : anatomy of a rally

[UPDATE : 18/03/2021] EUAs are the best performing energy commodity in Europe since the start-up of the COVID19 outbreak. They even reached an absolute record high at €43/t in March 2021, 15 years after the creation of the EU ETS. One clear consequence of this impressive increase over the past few…
The five main lessons we retain from energy markets in 2020
January 4, 2021

The five main lessons from energy markets in 2020

2020 has been an astonishing period for energy markets. The historical demand shock implied by the Covid-19 outbreak was offset by a massive reduction in energy supply and upstream investments in a short timeframe, which triggered a quick rebalancing of global balances and a price recovery still ongoing in early…
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