Main Energy Report August 23
- Gas and Electricity Wholesale prices are higher than last week.
- EU Gas Storage levels are a very positive 89% full.
- Uncertainty as to price direction as we head towards the winter.
Since our last Energy Report, Gas and Electricity Year Ahead Wholesale prices are higher.
News that workers in Australia’s LNG industry may strike, caused a price spike last week, although there has been some price correction. Unless a resolution can be found, a vote will likely see industrial action, which would mean that many deliveries to Asia are impacted, putting pressure on other sources. LNG shipments continue to arrive in the UK and mainland Europe, helping to increase EU Gas Storage levels to 89% full and are likely to reach the 90% target two months early.
Despite the growing diversity of supplies........