Flagship Energy’s Tejal Shah Energy Markets Update – 7th November 2024

Staff
By Staff
1 Min Read

Once again news that a deal to replace Russian gas with supply from Azerbaijan was close to being agreed saw markets ease off towards the end of last week. However, with no confirmation and ongoing talks all eyes have been on the US elections this week which has renewed volatility. The energy industry is weighing up the various implications Donald Trump’s victory has on global gas markets. Yesterday we saw gas markets fall after the win only to recover those losses by close of play. Trump has vowed to end Biden administration’s pause on new LNG exports which could buoy LNG supply to UK and Europe and lower prices however many are concerned on what the future U.S. foreign policy would be regarding its stance on Russia and Ukraine, potentially increasing geopolitical risk.  Not only this but a stronger U.S. shift toward fossil fuels may complicate EU’s climate goals. For now, the market looks set to remain uncertain with traders taking a wait and see approach.

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