Energy Market monthly recap November 2023
Follow the energy market recap of November 2023 with our video and infographic!
- Article
- 07/12/2023
The global energy market in November 2023 witnessed several key developments that impacted various sectors. Here’s a summary of the major trends and events:
Key Points from November 2023 Energy Market:
- Geopolitical Uncertainty: Ongoing doubts about positive geopolitical evolution and discord among OPEC members.
- Industrial and Economic Trends: Unexpected drop in German industrial production; concerns about a potential US recession.
- Energy Prices and Emissions: High European gas stocks tempered price impacts; electricity prices mirrored gas trends; Brent crude fell; CO2 prices resumed a downward trend.
- Market Fundamentals: Strong market fundamentals maintained an overall price decrease trend; risk premiums tied to conflicts disappeared.
- Other Factors: LNG supply, especially from Norway, stabilized gas prices; brief mid-November rise in CO2 prices due to expectations of reduced renewable production.
In summary, the energy market in November 2023 was characterized by geopolitical uncertainties, fluctuations in industrial activity, and the influence of factors like high gas stocks and renewable energy production on prices. The market fundamentals remained strong despite various challenges.
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