In this week's Market Movers Europe with Henry Edwardes-Evans:
- Oil majors enter results season
- Geopolitical concerns trigger renewed gas market anxiety
- European Commission to unveil wind sector package
- Netherlands starts hydrogen pipeline network
This week, Q3 results season kicks off for oil majors like TotalEnergies, Equinor and Italy’s Eni.
Turmoil in the Middle East and the rebound in oil prices in recent weeks are also sure to dominate discussions.
On Tuesday, the International Energy Agency publishes its World Energy Outlook, which will provide a long-term view of supply, demand and investment trends.
The IEA will be scrutinized for its stance on supply security and on investment in upstream oil and gas.
The European gas market continues to grapple with geopolitical concerns. Bulgaria’s recent decision to impose a new levy on Russian gas transit has added to market nervousness.
The Israel-Hamas war and the damage to the Balticconnector pipeline between Finland and Estonia have also led to ongoing market concerns, although they’ve had limited impact on supply.
In electricity, the European Commission will publish measures to support the struggling wind power sector, which is facing rising costs.
Around 80 GW of potential wind farm generation is stuck in lengthy permitting processes, while auctions focused on price have stretched the supply chain to breaking point.
The package will focus on faster permitting, improved auction design and a stronger skills base to boost domestic manufacturing.
On the hydrogen front, the Netherlands will start construction of its planned national pipeline network on Friday.
The first phase will connect ports and refineries from 2025 and link major industrial hubs with Germany and Belgium from 2030.
The network, largely made up of converted natural gas pipelines, will be critical to building scale in the clean hydrogen economy, both in the Netherlands and across Europe.
I’m Henry Edwardes-Evans, thank you for kicking off your Monday with S&P Global Commodity Insights.