In this episode, Julien Hoarau and Paul Chavy unpack the sharp drop in EU carbon prices—EUAs falling more than 20% from mid‑January highs above €90/t. Together they explain how a barrage of political headlines, lobbying pressure, leaked documents, and renewed policy uncertainty disrupted what had been a strong structural bullish narrative. The discussion dives into the key reform flashpoints ahead of the EU ETS review—free allocation, the MSR, and the LRF—plus the potential impact of unallocated allowances and how positioning and options dynamics can amplify volatility. Finally, the episode lays out three plausible near‑term price scenarios and assesses whether the structural bull case is truly broken—or simply paused by politics.

Since 2022, gas prices in Europe and Asia have moved closer to oil prices due to supply constraints and fuel switching. This podcast dives into the key drivers behind this link: price indexation, producer strategies, industrial and transport substitutions, and the role of U.S. associated gas production. While market consensus expects gas prices to fall well below oil from 2026, we explore why this scenario might not materialize.

Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01

Follow us on twitter : https://twitter.com/Energyscan_egm

Contact us at energyscan.gem@engie.com

The EnergyScan podcast is back after the summer break! In this episode, Julien Hoarau discusses the stability of global gas prices ahead of the heating season. Relatively low inventories in Europe, weak demand in Asia and an uncertain geopolitical context are keeping market players in a wait-and-see mode. EUA prices are strong, supported by intense speculative activity. In the electricity market, French prices have fallen due to persistent oversupply, which is weighing on market sentiment, despite exports being on track to reach a new record high this year.

Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01

Follow us on twitter : https://twitter.com/Energyscan_egm

Contact us at energyscan.gem@engie.com

In this Gas & power episode, we provide a mid-year review of the European energy markets with a short-term outlook: lingering tightness in the gas market, EUAs stabilizing and heading towards a tightening balance and the continuous fragmentation on the electricity market.

Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01

Follow us on twitter : https://twitter.com/Energyscan_egm

Contact us at energyscan.gem@engie.com

In this episode, we take a look at the recent volatility of the energy markets and, in particular, the roller-coaster impact of geopolitical events in the Middle East. Market players are now refocusing on the fundamentals: the difficult injection season on the natural gas market, the impact of the heatwave on electricity markets and the singular movements in carbon prices.

Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01

Follow us on twitter : https://twitter.com/Energyscan_egm

Contact us at energyscan.gem@engie.com

In the latest EnergyScan podcast, we discuss about the progressive increase in European gas prices over the past few weeks on the back of a challenging storage injection period. The electricity market remains particularly fragmented in Europe with large location spreads highlighting the combination of weak demand, local oversupply and grid constraints.

Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01

Follow us on twitter : https://twitter.com/Energyscan_egm

Contact us at energyscan.gem@engie.com

In the latest EnergyScan podcast, we take a look at the oil market. The trade war has driven prices down by around $10/b. OPEC's policy could push prices down further, but geopolitical tensions with Iran are currently preventing this.

Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01

Follow us on twitter : https://twitter.com/Energyscan_egm

Contact us at energyscan.gem@engie.com

In this episode, we discuss the Iberian blackout on April 28th, the volatility in EU natural gas prices, examining factors like global trade dynamics, storage levels, and the EU's plan to phase out Russian gas by 2027. Finally, we break down the significance of the first trade on the new EUA2 futures market for the road transport and building sectors under the EU's net-zero strategy.

Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01

Follow us on twitter : https://twitter.com/Energyscan_egm

Contact us at energyscan.gem@engie.com