Energy

Dutch gas storage facilities are more than half full, and according to Climate and Green Growth Minister Hermans, this filling rate will also allow the Netherlands to meet the next European interim filling targets and the national target of 80%. The oil price has fallen again in recent days.

Red diesel is making a comeback, as promised in the government's manifesto. BBB was proud to have secured a diesel discount for farmers, horticulturalists, and contractors in 2027. Research agency Ecorys conducted research on this matter at the government's request and has now concluded that most options are difficult to implement and susceptible to fraud. Moreover, it remains to be seen whether the diesel discount will hold up legally; in Brussels, due to state aid, but also due to increased nitrogen emissions.

The Netherlands used 2024% more electricity in 2 than a year earlier, but 3% less than in the last pre-coronavirus year of 2019. Last year, more than 1% more energy was also produced, according to new figures from Statistics Netherlands (CBS). Furthermore, a barrel of Brent crude is exactly $1 more expensive this week than last week. And the Dutch gas reserves are almost half full.

The Netherlands' dependence on Russian energy has fallen sharply since the invasion of Ukraine. The country has traded places with the US as the country on which we are most energy-dependent. This is evident from new CBS figures. TNO launched the TNO Vector Energy Price Monitor this week. The research organisation expects gas and electricity prices to fall over the next five years, but oil prices to rise. Back to the here and now, we see that the oil price has remained fairly stable last week, after the 15% free fall between 19 and 24 June.

The oil market is confident that things will not get out of hand in the Middle East, as evidenced by the sharp drop in the oil price. After the escalation of the air war between Iran and Israel drove up the oil price considerably, a sharp downward trend has been visible since a week ago. There is a ceasefire, but it is not entirely certain. There is also sunny news: the first half of the year in the Netherlands has never been so sunny and this means that more than average solar energy is being generated. 

The escalation of the air war between Iran and Israel, which has also targeted Iranian oil and gas facilities, has pushed up oil prices. The world is now watching to see what action US President Donald Trump will take. CEOs of major oil companies are warning of serious consequences for oil supply and prices.

The oil price is rising sharply, but the American Energy Agency expects oil to become cheaper again in the coming months. In the first quarter of this year, less renewable energy was produced in the Netherlands because there was less wind, but in five years the share of renewable energy has increased fivefold to almost 20%. As far as solar energy is concerned, the Dutch Homeowners' Association is sounding the alarm now that it has discovered that according to the law, after the abolition of the netting scheme, solar panel owners are allowed to pay more in feed-in costs than they receive for the electricity.

Energy markets remain in the grip of Trump. On the oil market, uncertainty after new statements about Ukraine causes a slight increase. Meanwhile, disruptions in Norway cause a higher gas price and electricity remains relatively cheap due to strong production from renewable sources.

On the oil market, it is mainly Iran and the peace negotiations with Russia that are in the spotlight. Oil has become more expensive, but the price continues to fluctuate at a relatively low level. Gas prices have been rising for a number of weeks now. There is news on the electricity market: the introduction of quarter-hourly instead of hourly prices for electricity on the day-ahead market is being postponed from 11 June to 30 September.

The US and China have slashed import duties on each other. The stock markets and the dollar responded to this and the oil price is also affected. The countries are the largest oil consumers in the world and the fact that the trade war is now being eased is good for the economies of the countries. The gas price is also rising. This is partly because the EU now wants to finally get rid of its addiction to Russian gas.

The oil price fell this week to its lowest point in more than four years. Sentiment has improved somewhat in recent days, partly due to negotiations between the US and China on the trade war and with Iran on a nuclear deal. In the Netherlands, the government is calling for energy efficiency during peak hours. And an operator of a wind farm in the North Sea is calling it quits. 

The energy markets are characterized by falling prices. While the oil price is under pressure due to the trade war, the warm weather is causing lower gas prices. The electricity price is also falling, partly due to the sunny weather.

The Netherlands is going to extract more natural gas from the North Sea in order not to be dependent on other countries. In the area of ​​oil, American President Donald Trump now has a price-raising effect. He is taking a milder tone towards China and is also taking a stand against the chairman of the American central bank.

Buckle up, the oil markets are in for a bumpy ride. That is the message from the US Energy Agency (EIA) in its latest monthly oil market report. Trump’s trade policy is making the oil market very difficult to predict. The trade war is also echoing on the gas market. It has driven China into the arms of Russia for importing LNG. The expectation is that more American LNG could end up in Europe as a result. 

The oil price has plummeted and the decline has not yet stopped. The price of gas is also moving downward. President Donald Trump celebrated his self-proclaimed 'liberation day' last Wednesday by imposing import duties on the entire world. A day later, the OPEC+ countries gave the oil price another blow by deciding to accelerate the increase in oil production.

The oil and gas market, like the rest of the (financial) world, is anxiously watching the import tariff plans that Trump will unveil tonight. Previously, the American president has linked many of his tariff threats to oil and gas. For example, European countries could get away with it by importing more American oil and gas and he recently said that every country that imports oil from Venezuela would be subject to a 25% import tariff.