Market view – The Daily News of 21/10/2025
GAS & POWER →
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The flows arriving from Norway this morning were stable, just over 310 million cubic metres. Some interventions were rescheduled yesterday, new limitations were expected on Wednesday and Thursday with an additional impact of approximately 20 million cubic meters.
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Little news on the weather front, with the predominance of Atlantic currents throughout the continent, expected temperatures above average and rather unstable, humid and windy conditions. The influx of cold air on the last days of the month is confirmed, with marked effects on the Mediterranean area.
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Yesterday, the energy ministers of the European Union met to approve the total ban on Russian gas and oil starting from January 1, 2028. As previously anticipated, the supply stop program will include three phases, having overcome the vote against by Hungary and Slovakia (unanimity is not necessary unlike the nineteenth sanctions plan against Russia) which have been promised temporary exemptions given the lack of landlocked of the two countries. The measure will now be discussed by the European Parliament, scheduled to meet this week.
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The Krk LNG regasification terminal, located off the coast of the Croatian island of the same name, is expected to return to operation in the coming weeks, after more than a month of stoppage due to scheduled maintenance interventions. The capacity of the plant, approximately 2 mtpa, thanks to revamping operations, will grow to exceed 4 mtpa in the coming months.
ITALIA →
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Short system: consumption significantly increasing this morning, reaching almost 190 million cubic metres. Both SNAM’s management of the Line Pack and exports to Austria (remodulation possible later in the day) weigh on the system deficit. Supplies arriving from North Africa are growing further this morning, rising overall above 70 million cubic metres. The return of the feeding into the network from the Piombino regasifier is scheduled for tomorrow.
EQUITY ↓
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Optimism returns to the stock markets after new reassurances from the US administration on the upcoming talks with Beijing regarding tariffs. Data on the first major quarterly reports will then lead to the US inflation update expected on Friday.
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As widely expected, Sanae Takaichi, the first woman in the country to hold the post, was elected Prime Minister in Japan. Celebrate the Nikkei Index, posting new highs.
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Exchange rate €/$ at 1,162
OIL ↓
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The positive sentiment observed in the financial world is unable to infect the crude oil market, depressed by the recent prospects for the evolution of the supply/demand balance sheet. Possible moves by the OPEC+ group are expected, expected to meet in about ten days.
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Brent FM prices open at $60.75/bbl
EUAs →
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Once again tested at the opening of the 80 €/tonne at the opening of the session, a market that remains strong despite the limited support offered by the rest of the energy mix, with the gas struggling to find direction and the oil instead put under pressure.
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At the beginning, prices on DEC25 stand at 79.30 €/tonne
