Main Energy Report July 23
- Gas and Electricity Wholesale prices are higher.
- EU Gas Storage levels remain high at 78% full.
- Large numbers of LNG deliveries continue to arrive in Europe.
As of the 3rd of July, Gas and Electricity Year Ahead Wholesale costs were higher, when compared to last month’s report. The Oil price continues to have a lack of clear direction, as global economic data appears to show slow growth which adds downward pressure. OPEC+ members have brought in production cuts to stimulate the price, to support their economies and fund projects to diversify away from Oil’s income. It is currently $75, having fallen as low as $72 and
as high as $77 in June.
EU Gas Storage levels are a healthy 78% full compared to 70% last month. This would suggest that the target of 90% by November can be achieved or exceeded and gives confidence that there will be sufficient Gas to supply a “normal” winter demand. LNG deliveries to the UK have reduced from recent highs but continue to head to Europe.