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Market Movers Europe, Nov. 21-25: Oil dips on weak sentiment; EU set to discuss gas price cap and fast-tracking renewables

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Watch: Market Movers Europe, Nov. 21-25: Oil dips on weak sentiment; EU set to discuss gas price cap and fast-tracking renewables

  • Featuring
  • Felix Fernandez
  • Commodity
  • Energy Electric Power Energy Transition Natural Gas Oil
  • Length
  • 01:55
  • Topic
  • Energy Transition Europe Energy Price Crisis Environment and Sustainability

In this week's Market Movers Europe with Digital Editor Felix Fernandez:

  • Oil dips as economic sentiment weakens
  • EU energy ministers to discuss gas price cap
  • Ministers seek agreement on fast-track renewables
View Full Transcript

In oil, market sentiment has been weakening with Brent crude futures slipping below $90/barrel last week.

The International Energy Agency and OPEC both trimmed their 2023 demand forecasts, amid persistent concerns over the economic outlook for the world's two largest economies, the US and China.

There are some bullish factors, notably uncertainty over the redirection of Russian oil flows ahead of upcoming sanctions.

And industry and government oil stocks in the OECD have fallen below 4 billion barrels for the first time since 2004.

EU energy ministers are to meet on Thursday for an emergency council to further discuss options for gas market intervention.

Member states have been divided on implementing a gas price cap, with the European Commission now expected to propose a "static" ceiling on the Dutch TTF month-ahead contract, but with dynamic elements.

Other points under discussion will be the implementation of a joint gas procurement system, solidarity rules between member states, and the establishment of a new LNG-based price benchmark.

While agreement on a gas price cap looks unlikely, EU ministers may well give the thumbs up to temporary measures to accelerate renewable energy projects.

Multiyear permitting delays have acted as a drag anchor on wind and solar growth across Europe.

Emergency measures would fast-track projects presumed to be of overriding public interest, bring clarity on binding permitting deadlines, and make it easier to repower wind farms

I'm Felix Fernandez, thank you for kicking off your Monday with S&P Global Commodity Insights