Market view – The Daily News of 14/10/2025
GAS & POWER →
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GASSCO confirmed the program published in recent days, with flows expected this morning of just under 320 million cubic meters. A ramp-up in the restrictions is expected on Thursday, with approximately 86 million cubic meters affected by maintenance.
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Temperatures will remain at the typical levels of the period or just below until the weekend, when cold air is expected to descend on the continent. The episode will be brief, however, with unstable, but also warmer conditions expected from the early days of next week.
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After having extended the inconveniences expected at the Fos terminals until tomorrow 15 October, Elengy has also extended the window of possible interruptions at the Montoir terminal until 16 October. The strike actions at the Breton terminal have been underway since last September, with more or less variable impacts also due to some scheduled maintenance. Despite the actions, the arrival of the LNG carrier NIKOLAY URVANTSEV, from the Russian liquefaction terminal Yamal LNG, was recorded over the weekend.
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The American liquefaction terminal at Cove Point, located in Maryland, has officially returned to service after more than three weeks of scheduled annual maintenance. Already at maximum levels in recent weeks, American exports are therefore starting to set new records by the end of the year. In the meantime, the hurricane season is also approaching its final phase, with the formation of a tropical storm expected in the second part of the week, however located in the open Atlantic.
ITALIA →
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Short system: consumption expected above the 170 million cubic meter threshold this morning. To find similar levels over the same period we need to go back to 2021. Input flows to the system remain at significantly higher levels than in the past year thanks to the contribution of regasifiers, with a volume fed into the network almost doubled.
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Four LNG carriers are expected to arrive at the main Italian terminals during the week. The Livorno regasifier is under maintenance until November 5th.
EQUITY ↓
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Fears about new tensions between China and the United States push sales during the Asian hours, with evident effects even in the first exchanges of the Old Continent. In the evening, the presence of FED President Powell at the annual meeting of the National Association for Business Economics is expected.
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Once the truce was officially signed in Sharm el-Sheikh, President Trump announced the imminent start of the second phase of the agreements after the exchange of hostages and prisoners between Israel and Hamas. The Tycoon will now be able to shift focus to the Russian-Ukrainian situation, with a meeting set for Friday at the White House with President Zelensky.
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Exchange rate €/$ at 1,155
OIL ↓
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Pieces of crude oil erased gains recorded yesterday as tensions grew between China and the United States, with President Trump ruling out a possible meeting with Xi by the end of the month.
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On the supply/demand budget front, the OPEC group has published its monthly update, once again positioning itself on the more optimistic side regarding the estimated needs for next year. On the production side, the cartel confirmed growth of 630 thousand barrels per day, in line with the relaxation of post-pandemic cuts approved in recent meetings.
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Brent FM prices open at $62.25/bbl
EUAs ↑
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Although short-run fundamentals support a revival of purchases on the emissions market, the return of volatility on the financial sector appears to have had its impact in the last few hours, following the uncertainty observed in the first trades yesterday.
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At the beginning, prices on DEC25 stand at 78.90 €/tonne
