In this week’s Resonance energy market podcast episode, as markets plateau, Jeremy Nicholson talks to Alfa’s Henry Homer about the structural dangers that remain and the risk of a rapid return to higher prices.

Topics explored include:

• As we enter Q2 we see a more supply-based market where equilibrium is returning.
• Joint European energy purchasing raised during the height of the energy crisis subsides, for now.
• With shocking prices over the energy crisis, many buyers wonder if they should wait or move now on contracts, prices, and where.
• A supplier market remains, but what does that mean?
• Recent articles in the market press talk of gas oversupply, but what does the fragility of Europe’s gas balance mean in terms of the risk of a rapid return to higher prices?
• Supply issues from Norway and France discussed in previous episodes persist, creating uncertainty across Europe, an issue compounded by nuclear generation in Germany being consigned to history.
• This sees a huge reliance on LNG, intensifying risk between now and 2025, sustaining premiums in prices at least until then.

This episode of the Resonance was recorded on 20th April 2023.