Tensions in the Middle East have risen again. At the same time, US Secretary of War Pete Hegseth hinted today that America will soon withdraw from the Strait of Hormuz. Read more about developments in energy prices.
The oil price had dropped over the weekend to the still high level of $108,17 per barrel. On Monday, the price had already climbed back up to $114,44. With the latest development, the price has cautiously eased again to $112,19 per barrel at the time of writing.
Trump launched Project Freedom yesterday (Monday, May 4). With this, he aims to escort merchant ships out of the Strait of Hormuz. This appears to have succeeded for a number of ships, including a Maersk container ship. However, the ceasefire is once again under heavy pressure.
The US has attacked Iranian boats, and Iran, in turn, has attacked Oman and the United Arab Emirates. However, according to the US, the ceasefire has not been violated. Meanwhile, according to the Iranian news agency Mizan, Iran has expanded the part of the Strait of Hormuz that it controls.
Diesel
The diesel price is actually slightly lower than before the weekend, although €178,05 is still 29% higher than on February 27, before the US and Israel attacked Iran.
The gas price is slightly higher than a week ago, but the difference is minimal. At the time of writing (Tuesday afternoon, May 5), the gas price is €47,06 per MWh. By comparison, on February 27, it was more than a third lower: €31,23 per MWh.
Gas reserves remain low
European gas reserves are currently filled to just under 34%. Those of the Netherlands to less than 11%. The incentive to replenish gas reserves is low due to high prices. The Netherlands also extracts only a fraction of the gas it used to, meaning reserves must be replenished primarily with foreign gas. Because market forces are absent, Energie Beheer Nederland (EBN) can borrow €23,1 billion to trade in gas. The cabinet also requires EBN to build up an emergency reserve, and the state-owned company has been assigned a replenishment task for 2026/27 as well.
Large price differences in electricity were visible on the Epex Spot last week. On May 1, the daily average was only €1,24, while on May 4, €127,62 was recorded.
Lots of solar energy
From Thursday through Monday, significantly more solar energy will be generated than the average for this week over the past three years, according to the energy weather forecast from the National Energy Dashboard. Today, generation is average, and tomorrow it is below average. Conversely, wind energy will be generated at a lower than average on Friday and Saturday.