Market view – The Daily News of 23/10/2025
GAS & POWER →
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Supplies from the North Seas expected to decline in the coming hours as the impact of scheduled maintenance at the Oseberg site grows. Operations at Troll, Nyhamna and Kollsnes are scheduled to continue until November 5.
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Temperatures expected to drop in the next few hours, expected to fall below the average values for the period and reach the minimums between Sunday and Monday. Conditions will generally remain rather unstable, with frequent rain and strong winds. A progressive improvement is expected from the second half of next week, with scenarios of temperature rise, even significant, in the first days of November
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The American company Venture Global has obtained approval to feedgas into the latest liquefaction block of the Plaquemines, Louisiana terminal. In this first phase of the project, at full capacity, the plant will have a liquefaction capacity of more than 20 mtpa. Since the start of testing operations, which began last December, the terminal has been able to handle over 160 ships, including more than 60 in the last quarter alone.
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The European Union unanimously approved the nineteenth sanctions package against Russia, after overcoming initial resistance from Slovakia and Hungary. The new measures focus in particular on imports of liquefied natural gas from Moscow, providing for a gradual ban: a stop to short-term contracts within six months, followed by the blocking of long-term contracts starting from 1° January 2027. In the meantime, trilateral talks between the Commission, Parliament and the European Council are scheduled to begin on 6 November regarding the adoption of the plan providing for a complete ban on Russian oil and gas, with the aim of reaching an agreement on crying political and technical by the end of the year.
ITALIA →
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Long system: consumption down by over ten percentage points in the last few hours, thanks to a greater contribution from renewable sources and consequent drop in gas-to-power demand, a trend that is expected to be confirmed tomorrow too. Incoming flows from North Africa are at their highest since the beginning of the year, with supplies to the Mazara del Vallo entry point above the 74 million cubic metre mark.
EQUITY ↓
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Uncertain start to the day for European stock markets, after the downward session recorded on Wall Street. The new threat from the United States over restrictions on exports to China of products equipped with American software is worrying investors. On the other hand, yet another Trump about-face with the announcement of a planned conversation with Chinese President Xi to discuss primarily the war in Ukraine could pave the way for a rapprochement between the parties.
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As the US administration shutdown continues, inflation figures are expected tomorrow.
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Exchange rate €/$ at 1,160
OIL ↓
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Crude oil prices jumped more than three percentage points during Asian trading, after the United States decided to sanction two Russian oil giants, Lukoil and Rosneft, in the wake of what the United Kingdom approved in recent days. The US administration subsequently called on its trading partners to follow suit, with New Delhi, among the top buyers of Russian crude along with China, set to review its purchase plans over the coming months.
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Data released by the government agency EIA showed overall strong demand for U.S. crude for the period, with inventories falling by about 1 million barrels in the week ending Friday, Oct. 17.
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Brent FM prices open at $64.95/bbl
EUAs →
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The market seems to find support from the tonicity of gas and crude oil at the beginning of the day, in the wake of the latest sanctions approved by Europe and the United States against the Russian energy sector. Yesterday a new record for long positions held by investment funds.
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However, the European Commission has taken care of slowing down further increases, with signs of openness for a review of climate objectives and consequent “softening” of the ETS mechanism.
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At the beginning, prices on DEC25 stand at 78.90 €/tonne
