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The last seven days has seen muted increases in the wholesale market despite a respite from the volatility on Tuesday and Thursday. A tale of two halves really where steady supply fundamentals, lower demand than normal for this time of year, and the easing of Australian strikes has helped to negate simmering geo-political tensions regarding Israel/Hamas pushing oil and energy markets up.
The latest data from Gas Infrastructure Europe shows that aggregate EU storage levels stand at around98% full and all member states have now exceeded the bloc’s mandated target of90% by November 1st. This storage level likely giving confidence in the market heading deeper into the winter supply season.
With regards to the Baltic pipeline situation. The Finnish government stated that its very likely an outside force was responsible for the leak that shutdown the pipeline, however they have declined to comment on who they believed to be responsible for the incident on the interconnector to Estonia.
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