Post by Axpo Group

⚡ Record heat lifts spot prices as futures ease on US-Iran ceasefire attempt  June's record heatwave split the energy markets, forcing physical spot prices to unusual summer highs just as diplomatic progress pulled fuel futures lower. Andy Sommer’s latest European Energy Market Monthly (EEMM) details the key trends to watch as the critical summer refill season begins: 🌡️ Spot prices vs. futures: Intense cooling demand and weak wind drove physical spot prices high enough to trigger system warnings from British and Polish grid operators, even as geopolitical progress pulled fuel futures down. 📉 Storage concerns: Dry weather and nuclear outages have contributed to increased gas demand, leaving EU gas storage less than half full. At the current refill pace, Europe is likely to enter the winter with storage levels below 73%, which would be the lowest level in fifteen years. 🔮 July outlook: July is expected to stay warmer and drier than normal, pointing to a further decline in Alpine hydro reservoirs and keeping continental spot prices under upward pressure. 👉 Read the full analysis here: https://lnkd.in/eUCtbwze #Axpo #EEMM #EnergyMarkets #GasStorage #MarketAnalysis