07/10/2026 – The formation of the first hurricane of the season in the Gulf of Mexico is driving gas and oil prices even higher – Read more news

GAS & POWER: The system being monitored in the Gulf of Mexico has intensified into a tropical depression and is expected to develop into a storm within the next 24 hours, eventually reaching hurricane strength on Thursday—the first of the current 2026 Atlantic season and one of the latest on record. Early trajectory forecasts indicate it will head toward the northern Gulf Coast between Friday and Saturday, toward Louisiana and Mississippi. On the LNG front, the risk is currently concentrated on the Plaquemines terminal, while Sabine Pass, Cameron, and Calcasieu Pass are expected to be affected only marginally. More precise information on the storm’s path and intensity (currently estimated to be between Category 1 and 2) will be available in the coming hours.

OIL: According to Reuters, the board of the International Energy Agency is expected to meet today to discuss a further release of strategic reserves of crude oil and diesel. This follows the decisions made by the G7 group last week.