The values of the successful bids range from €6.93c/kWh to the maximum permissible value of €7.35c/kWh. The average price stood at €7.15c/kWh, compared to €7.33c/kWh in the previous round.

Our forecast Henry Hub natural gas spot price: Nov. 2024 average: ~$2.10/MMBtu Rest of winter average: ~$3.00/MMBtu

Brent edged up 7 cents to $73.48 a barrel, WTI was at $70.11 a barrel, up 9 cents.

The meeting was conducted to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. The aforementioned countries decided, in addition to the latest decisions from the 38th ONOMM, to extend the additional voluntary adjustments of 1.65 million barrels per day that were announced in April 2023, until the end of December 2026.

Europe was not yet out of an energy crisis that began with Russia's invasion of Ukraine in 2022.

India's rising Russian imports have come at the expense of rival Middle Eastern producers. The Reliance-Rosneft deal would represent another challenge for competitors, including Saudi Arabia.

Brent fell 6 cents, or 0.1%, to $72.03 per barrel, WTI lost 1 cent to $68.29 per barrel.

Brent rose 29 cents, or 0.4%, to $73.20 a barrel, WTI were at $69.2 a barrel, up 26 cents, or 0.38%.

The Meeting constitutes an important milestone in the energy dialogue. It emphasized the strategic importance of cooperation between OPEC and the Russian Federation, including through the frameworks of the ‘Declaration of Cooperation’ and the ‘Charter of Cooperation’.

The investment bank still sees Brent averaging $76 per barrel in 2025, but edged down its 2026 forecast to $71 per barrel on a 0.9 mb/d surplus.

There are the obvious security repercussions that come with ignoring the biggest climate security threat to humanity, including the famine-causing heat waves and droughts, the loss of coastal cities from sea-level rise, and more extreme storms, floods and fires that displace millions of people and result in billions of dollars of infrastructure damage.

Brent rose 16 cents, or 0.2%, to $72.97, WTI rose 16 cents, or 0.23%, to $68.91.

Next-month futures in Europe’s biggest economy surged as much as 4.4% on Monday to the highest level since October last year. The equivalent contract in France rose 4.3%.

Brent rose 15 cents, or 0.2%, to $73.45 a barrel, WTI were at $69.31 a barrel, up 15 cents, or 0.2%.

The global oil demand growth forecast for 2024 is revised down slightly by 107 tb/d from the previous month’s assessment to 1.8 mb/d, y-o-y.