Market view – The Daily News of 24/10/2025
GAS & POWER →
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Supplies arriving from the North Seas fall by 5% this morning, with volumes expected just above 300 million cubic metres. New interventions planned yesterday on the last days of October.
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A cold, moist air mass is expected to descend on the Continent over the weekend, with relatively unstable and particularly windy conditions. However, the rise in temperatures in the first days of November is confirmed, with deviations even greater than 4°C compared to the averages. The latest updates to long-term models exclude episodes of intense cold before the second half of November.
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According to data reported by AGSI, Ukraine began to deliver gas from its storage on Wednesday, October 22. In the latest report published by the International Energy Agency this week, Kiev is heading into the new winter season in conditions of strong fragility, with the need to continue in the process of diversifying gas supplies, both by pipe and by ship, adopt more dynamic purchasing logics, and push for greater integration with the infrastructures of the European electricity grid. Yesterday, the Ukrainian government approved funds of over 200 million euros to be allocated to Naftogaz for the purchase of gas over the next few months.
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While Europe and the United States are accelerating on sanctions against the Russian energy sector, Japan is instead trying to curb recent pressure to reduce purchases from Moscow, which came from the American administration itself. Both the trade and energy ministries have in fact warned of possible extra costs linked to the stoppage of Russian liquefied gas supplies, today equal to around 10% of the total. Tokyo has long-term active contracts scheduled to expire beyond 2030 with the Sakhalin-2 terminal.
ITALIA →
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Balanced system: the decline in consumption continues, but is expected to rebound on Monday with the expected drop in temperatures. They correct downwards the flows arriving from North Africa, expected this morning just above 67 million cubic meters compared to 80 yesterday. Maximize injections into storage, ramp-up of regasification from Ravenna after the arrival of the LNG carrier New Nature.
EQUITY ↓
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Having slowed down sales yesterday, European stock exchanges are trying to inherit the momentum that came from Wall Street after the announcement of the meeting between Trump and Xi Jinping scheduled for October 30th in South Korea. In the early afternoon, the publication of the American inflation figure is expected, with growth of 3.1% expected.
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On the tariff front, President Trump announced a stop to negotiations with Canada, which instead hoped to reach better agreements on steel, aluminum and energy.
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Exchange rate €/$ at 1,162
OIL ↓
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Quotations up 5% yesterday, sales from the last two weeks of trading reabsorbed, in what was the most significant daily price deviation since the escalation in the Middle East last June. After American sanctions against Lukoil and Rosneft, the main state companies of India and China have announced a temporary stop to purchases of Russian crude oil.
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Brent FM prices open at $66.15/bbl
EUAs →
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Yesterday’s day ended in nothing, with afternoon trading seeing the re-emergence of sales, effectively canceling the support received in the early hours of the day from gas and crude oil.
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At the beginning, prices on DEC25 stand at 78.80 €/tonne
