TOPIC PAGE: Coronavirus impact on energy markets


13 November 2020 14:35

PODCAST: Coronavirus vaccine drives oil
prices but challenges remain

The Pfizer coronavirus vaccine rattled oil
prices this week, but the rally slowed down by
12 November. Challenges remain, with widespread
distribution now key to demand recovery. Why
has the reaction been so strong so far? What
does the shift in the oil forward curve
indicate? Market experts Sophie Udubasceanu and
Richard Price discuss the market’s outlook

in this podcast

03 November 2020 13:47

ICIS VIEW: UK lockdown 2.0 shows
stronger gas demand picture

LONDON (ICIS)–On 5 November Britain will
likely return to a national lockdown to fight
the spread of the coronavirus, however a winter
lockdown will likely prevent the demand loss
seen earlier in the year

To compare the first lockdown to the
approaching one would be comparing apples to

15 October 2020 11:46

Renewed lockdown may fail to weigh on
Italy’s demand

  • Italian demand set to remain lower than in
  • Renewed lockdown expected to have limited
    effect on demand
  • Milder temperatures to underpin downside in
    remaining Q4 contracts

LONDON (ICIS)–A mild winter outlook will
likely be the dominant driver for Italian power
contracts over the remainder of the fourth
quarter, while renewed lockdown restrictions
may play a more marginal role,
Italian power traders told ICIS.

Italy looks unlikely to call for a shutdown of
industrial sites, the sole measure which would
have a real disruptive impact on the country’s

14 October 2020 16:30

INTERACTIVE: European power demand
improving but outlook mixed

Power demand across Europe
has slowly recovere
d since June with
lockdown restrictions easing, the end of the
holiday period as well as businesses and
schools reopening.

In September, demand across the 13 European
countries analysed by ICIS stood only 2% below
the five-year average, up almost five
percentages points compared with June.

Since the coronavirus pandemic started, April
saw the biggest European power demand drop of
13% below the 2015-2019 average.

13 October 2020 16:18

Belgian power oversupply looms on
rising nuclear, constrained demand

Belgian electricity demand is set remain lower
compared with the 2015-19 average amid
relatively mild weather for weeks 43 and 44 and
increasingly strict coronavirus measures
imposed in the country.

Low demand prospects and robust nuclear
availability suggest a bearish outlook
for Belgian power prices
) over the coming weeks.

31 July 2020 16:37

Southern Europe power demand surging
but could fall back

Electricity consumption in Spain and Italy has
recovered close to normal seasonal levels,
according to ICIS models that control for
temperature and calendar effects.

This may not sustain though into the autumn,
with coronavirus cases rising
once more,
the recovery could be even shorter lived.

29 July 2020 10:45

Further downside ahead for power on
fresh virus fears

Traders active on European power markets
anticipate downside for prices especially in
the event of a return to
stricter coronavirus-prevention measures

across the continent.

Governments have reintroduced partial
restrictions to slow the spread of the virus,
both on a regional level this week in Catalonia
in Spain and on a national level in Belgium.
Speculation regarding a second wave of the
virus in Europe has already exerted a bearish
influence on power forwards.

30 June 2020 10:45

French power demand recovery
outstripping other countries

Electricity consumption in Europe’s five
largest countries was around 8% below
expectations during week 26, according to ICIS
models that control for temperature and
calendar effects.

France was the clear outlier
, with demand
recovering to within 2.2GW or 4.8% of expected
power use between 22-28 June.

24 June 2020 10:45

INTERACTIVE: European power demand
recovery halts

Power demand across Europe continued its
tentative recovery through June,
although growth
has been impeded
 by weaker consumption
in the tourism and hospitality industries.

The average year-on-year power demand drop
against the five-year average across the 13
European countries analysed by ICIS has eased
since widening at the start of June.

But at -8.7%, the demand drop in the month to
date remains one percentage point greater than
in May.

18 June 2020 17:12

Italy’s power demand to observe limited
growth during summer

The Italian power demand will likely be
supported during the third quarter as
coronavirus-related restrictions, including a
ban on international travel, have been
progressively eased in recent weeks.

However, traders remain only cautiously
The uncertainty is partially
due to consumption levels so far struggling to
restore the values they had both before the
pandemic and over summer months in the past
five years.

Concerns about a new coronavirus outbreak seem
to be also deterring market participants from
betting more heavily on a summer recovery. Even
if a second wave of the pandemic is avoided,
activity in the tourism sector is likely to
remain muted, curbing demand expectations.

3 June 2020 06:00

Demand slow to recover in Europe’s
largest gas markets

Gas demand
struggled to recover
in key European
countries in May as coronavirus-related
restrictions and mild weather kept a lid on
consumption in France, Britain, Italy and the

Germany continued to be the least affected by
the restrictions among the largest gas markets,
while consumption rose in smaller central and
eastern European countries.

Demand is likely to come closer to the
2015-2019 average in the weeks ahead as
countries loosen restrictions further, although
fuller storage sites year on year will likely
mean lower injection-related demand.

21 May 2020 14:11

European gas markets plunge despite US
LNG cancellations

Europe’s most liquid gas markets continued to plummet
in early trade on Thursday morning with the
Dutch TTF and British NBP front-month breaching
the €4/MWh and 10p/th support levels.

June and third-quarter gas contracts all
collapsed despite a sizeable amount
of US LNG being cancelled for July
, as
market participants’ fears continued over
limited demand and filling European gas

4 May 2020, 16:20

INTERACTIVE: Demand recovery in sight
on tentative lockdown ease

The coronavirus-driven demand destruction began
show signs of easing
in parts of northwest
Europe as governments mull further relaxing of
lockdown restrictions.

Comparatively, most central and southeastern
European countries faced a further demand drop
as more stringent lockdown measures were
introduced late last month.

22 April 2020, 06:09

European electricity demand rebounding
amid coronavirus lockdowns

Power consumption has
partially recovered
in most of Europe’s
largest countries in recent days and weeks,
according to ICIS models that control for the
impact of temperature, calendar effects and

This shows not only that demand has reached a
floor in most of these countries, but that
factories and other large energy users have
found ways to reopen at least in part in the
face of lockdowns aimed at stemming the spread
of the coronavirus.

21 April 2020, 17:11

Virus exacerbates Easter demand slump
across Europe

European countries continued to experience a

drop in power demand
over the past two
weeks as industrial and commercial closures
remained in place to stem the spread of the

An interactive graphic built by ICIS
demonstrated that almost all European countries
examined had now succumbed to a demand drop of
more than 10% in both weeks 15 and 16 relative
to the five-year average for April.

16 April 2020, 15:38

Slump in wind expansion may support
German power prices

The recent slump in German wind capacity is
likely to continue this year as complicated
regulations and weakness in the global economic
outlook due to the coronavirus are likely to
dampen investment in the renewable technology.

has the potential
to restrict future
additions to wind output, impacting supply and,
in turn, supporting power prices.

14 April 2020, 14:20

Chinese industrial gas demand remains
weak in March

Chinese natural gas demand from the industrial
sector in March
was down by almost 25%
year on year,
according to the Chongqing Gas and Petroleum
Exchange released over Easter, as the impact of
the coronavirus continued to weigh on

8 April 2020, 16:11

Reduced energy offtake likely to hit UK

A growing number of British energy suppliers

could be at risk of collapsing
reduced energy offtake and cash-flow
constraints amid the coronavirus pandemic,
according to industry sources polled by ICIS.

8 April 2020, 07:00

INTERACTIVE: Breakdown of European
power demand impact 

Power consumption
continued to soften
across key European
demand centres through March and the first week
of April, while less stringent measures and
colder weather has sheltered other parts of

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