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Market Drivers – January

We understand the business energy market can be challenging.

Our specialists compile a Market Drivers report each month.

We have highlighted Bearish drivers, expected to contribute to the market lowering, and Bullish drivers, expected to contribute to the market going higher.

    Bearish Drivers

  • Potential increase of non-committed cargoes to NEW considering Panama Canal waiting times reduced, healthy Asian stock, and arbitrage of US cargo to Asia closed.
  • Potential for Gazprom to buy more capacity daily basis.
  • Norwegian and UK producers to continue maximizing supply.
  • The latest EC45 indicates close to normal weather.
    Bullish Drivers

  • NWE storage inventory to end Jan-22 acutely low.
  • Risk for colder weather than is outlined by the latest forecast.
  • Geopolitical concerns ramping up, opposition to NS2 growing, and leading to a strong likelihood that NS2 will not start in H1-2022.
  • Reduced French nuclear capacity availability and a risk for this to extend and lift gas for power demand.
  • Low monthly capacity booking for January via Russian supply routes.
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