Market view – The Daily News of 09/10/2025
GAS & POWER →
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Maintenance underway at the Troll production field has been extended again, now the deadline is set for Sunday. Flows expected this morning in line with the values of the last few days.
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Temperatures in line with seasonal averages for the second part of the week, while the next one will be decidedly cooler and less active. A return to more unstable conditions remains possible over the last ten days of October, with wind generation capacity in Northern Europe also possibly increasing.
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LNG Canada has announced the start of flaring activities scheduled between October 7th and November 10th, coinciding with the start-up operations of the second liquefaction train, expected to come into operation no earlier than next February. The first liquefaction train, started last July, continues to be subject to limitations that are halving the technical capacity, equal to 7 mtpa
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According to what Argus reported, in recent weeks there have been around ten hijackings of LNG carriers initially directed towards Egyptian terminals, and subsequently redirected towards other European ports. Lower-than-expected consumption, with less intense summer heat than initially expected, would have weighed on the ability to absorb the loads contracted by Cairo. Further testimony is the return of exports from the Idku terminal, with a cargo delivered last September.
ITALIA →
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Short system: consumption revised significantly upwards in the last few hours, this morning not far from 160 million cubic metres. Exports have essentially been eliminated, flows arriving from France have been maximized, while the volumes regasified online have fallen as expected with the entry into maintenance of the Livorno terminal.
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Yesterday SNAM announced that it had opened an exclusive negotiation with Higas for the acquisition of the coastal LNG depot located in Oristanio, Sardinia, aimed at the possible acquisition of 100% of the share capital and subsequent conversion of the plant into an FSRU. The operation would therefore allow progress to be made in the project to introduce regasified natural gas into the future transport network of Sardinia intended to serve the central-southern area of the island.
EQUITY ↑
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Positive markets at the start of the day. While we continue to observe with concern the French political situation, where, however, the appointment of a new Prime Minister is expected in hours and the resignation of President Macron seems to have been averted, we are celebrating the agreement reached between Israel and Hamas on the first phase of the peace plan brokered by the United States. On this front, the release of Israeli hostages is expected by the first half of next week, the release of Palestinian detainees in Israel’s prisons and an immediate ceasefire.
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Exchange rate €/$ at 1,161
OIL →
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Crude oil prices little moved this morning. The geopolitical context remains generally supportive: if on the one hand we await the signing of the first phase of the peace agreement between Israel and Hamas, on the other hand the brief glimmers of dialogue between Russia and Ukraine are once again receding, with the Kremlin harsh in its last positions against the support provided to Kiev by the United States and Europe.
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Government data showed higher-than-expected growth in US crude oil inventories, +3.7 million barrels in the week ending Friday 3 October, however good signs came from implicit demand, at the highest since December 2022.
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Brent FM prices open at $66.50/bbl
EUAs ↑
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The area around 78.50 €/tonne acts as a magnet for quotations, recovering in yesterday’s session. Also supporting purchases during the day is the update on positions held by investment funds, with long positions open at all-time highs, and a weekly increase in net upward bets of almost 10 million tonnes equivalent.
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At the start, prices on DEC25 stand at 78.30 €/tonne
