Market view – The Daily News of 17/10/2025
GAS & POWER →
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An unscheduled intervention at the Oseberg production field is holding back the resumption of Norwegian exports this morning. New maintenance with a total impact of more than 70 million cubic meters is scheduled for the first half of next week.
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Uncertainty is growing over the last days of the month, in a context that should see the predominance of Atlantic currents responsible for generally mild, windy and rainy conditions. Possible new descents of cold air starting from Monday 27 October.
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The international debate on the CSDD directive continues, expected to apply in Europe starting from 26 July 2026. Yesterday, Qatar’s Energy Minister Saad al-Kaabi, after the misgivings expressed last July and before that in December last year, again threatened the interruption of liquefied gas supplies to Brussels if the 27 did not find an agreement to review the terms of application of the directive. In 2024, there were about 14 billion cubic metres arriving by ship from the Emirate, with 6 going to Italy.
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The Industry, Research and Energy and International Trade commissions of the European Parliament approved yesterday the proposal to completely ban imports of Russian gas and oil –both via pipeline and in the form of LNG – starting from 1° January 2026. The new legislation will allow energy operators to invoke “force majeure” for early termination of contracts, as the import ban will be considered a sovereign Union act, outside the control of the trading parties. The text also introduces a ban on the temporary storage of gas of Russian origin in European plants from 2026, imposing greater traceability and certification of origin obligations to prevent forms of circumvention, such as the rebranding of cargoes or transit through third countries. Final approval in plenary is expected during the end-October (20–24 October) session, before the start of negotiations with the Danish Presidency of the Council.
ITALIA →
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Balanced system: the decline in consumption continues in the second part of the week, while supplies entering the system are confirmed to be stable. Exports to Austria were encouraged again yesterday, during the weekend the scheduled maintenance of the Piombino terminal is noted.
EQUITY ↓
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Indices in red in the main European squares, in the wake of the sales that dominated the last session on Wall Street. In fact, fear returns to the stability of regional banks in the United States, after a new possible difficulty in terms of credit was denounced by Zions Bancorporation and Western Alliance.
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On the geopolitical front, the meeting at the White House between Trump and Zelensky is scheduled today, with possible discussion on supplies of Tomahawk missiles to Kiev. Yesterday, Tycoon’s long telephone conversation with Putin, a flash summit in Budapest within the next two weeks is possible.
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Exchange rate €/$ at 1,170
OIL ↓
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Crude oil prices are set to end the week in the red, put under pressure by the prospects of oversupply relaunched by the International Energy Agency. After the publication of the API data, the American government source also confirmed growth in US crude oil inventories, with accumulations exceeding 3 million barrels in the week ending Friday 10 October. Meanwhile, Stars and Stripes production set new records, with over 13.6 million barrels mined per day.
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At the start, Brent FM prices stand at $60.70/bbl
EUAs →
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Prices rose 2% in yesterday’s session, supported by bullish sentiment on the short-term German power market. An upward-oriented structure is confirmed which is however finding it difficult to approach the psychological resistance of 80 €/tonn.
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At the beginning, prices on DEC25 stand at 78.50 €/tonne
