Market view – The Daily News of 10/10/2025
GAS & POWER →
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Supplies arriving from the North Seas are stable this morning. After the latest reprograms published by GASSCO, greater volatility is expected starting from the second part of next week and lasting until October 21st.
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The impact of the expected descent of cold air on the second half of the month has been revised downwards, with temperatures now expected to be below average between 17 and 21 October. The context remains rather stable, therefore with little rain and wind until the last days of the month.
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After months and months of delays caused by the bankruptcy of one of the contracting companies, the Golden Pass LNG liquefaction terminal, located in Texas, is preparing to receive the first cooling load, necessary to prepare the testing phase of the plant. The plant, which has a steady-state capacity of 18 mtpa, is expected to produce its first volumes of liquefied gas in late year and early 2026.
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The German operator DET has announced the start of maintenance operations at the Wilhelmshaven 2 regasification terminal, expected to last until October 24th. In the last month, the terminal has permanently regasified about 10 million cubic meters per day into the network.
ITALIA →
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Long system: consumption down by 10% this morning, while flows entering the system are growing compared to yesterday, supported by a ramp-up of arrivals from North Africa (both via Mazara del Vallo and Gela). Exports to Austria also resume after the break recorded yesterday.
EQUITY ↑
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Stock markets, partly calmed by the latest developments in the Middle East, are confirmed at their highest, while political developments continue to be observed from one side of the Atlantic to the other. In France, the appointment of the new Prime Minister is expected in the afternoon, while in the United States we are heading towards the second week of administrative shut-down.
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Exchange rate €/$ at 1,158
OIL →
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The Israeli government’s ratification of the truce agreement with Hamas has brought down some of the recent premium risk seen in the market, with crude oil prices falling below the $65/bbl mark again in recent hours.
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Operators are also looking with concern at the US government shutdown, now on its tenth day, with the possibility that this could negatively impact American demand.
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Brent FM prices open at $64.85/bbl
EUAs ↑
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After an initial part of the session governed by profit-taking, the emissions market once again moved independently of the gas environment in the afternoon, seeing a final phase of trading driven by purchases.
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At the beginning, prices on DEC25 stand at 79.50 €/tonne
