ENGIE EnergyScan

Recorded on 13 October 2026, this episode picks up where we left off in July. Back then, almost everything depended on Hormuz and on how quickly LNG could return to Europe before the heating season. Julien Hoarau, Head of Economic Research at ENGIE Supply & Energy Management, and Olivier Gasnier, our macroeconomics and oil expert, look at where things stand as winter begins.Oil flows out of the Gulf have partly recovered, but Brent is still around $105/b, and the real squeeze is on diesel. European gas storage is just over 73%, well below last year. Asian buyers are now outbidding Europe for LNG cargoes, and TTF has gone above €85/MWh. We also explain why carbon could firm up this winter even though funds have largely stepped back. In France, the power system is mainly short of water. Olivier finishes with the macro picture: US 10-year yields at their highest since 2002, wider French spreads and a weaker euro, and what these mean for anyone buying energy priced in dollars.Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01Follow us on twitter : https://twitter.com/Energyscan_egmContact us at [email protected]

At the height of summer, energy markets are under strain. Julien Hoarau and Olivier Gasnier, from the ENGIE EnergyScan team, unpack a news cycle dominated by the Strait of Hormuz and share their outlook for the second half of 2026.In this episode: • Oil — Middle East escalation, Brent briefly above $100/bbl, the first signs of de-escalation, and a market with no cushions left • Gas & LNG — TTF around €60/MWh, lagging European storage (~55% in mid-July) and the crucial role of a Qatari restart • Carbon — what the 17 July EU ETS review really changes • Power — heatwave, French nuclear under environmental constraints, negative prices and record volatility • Macro — how the oil rebound feeds back into inflation and interest ratesThe takeaway for H2-2026: markets are tight — and a lot hinges on Hormuz and how fast LNG can flow back to Europe before the heating season.Recorded on 27 July 2026. Data and insights from ENGIE EnergyScan / Economic Research. This is not investment advice.

In this episode, Julien Hoarau and Olivier Gasnier take a step back from the headlines to assess the energy market consequences of the Iran–Israel conflict and the fragile ceasefire currently in place. They explore how disruptions in the Strait of Hormuz have reshaped global oil, LNG and refined product markets, why price reactions have differed across regions, and what this crisis reveals about structural vulnerabilities in today’s energy system.  From oil and gas to power markets and carbon pricing, the discussion highlights both short‑term market dynamics and longer‑term strategic implications. A clear, market‑focused conversation for energy professionals seeking to understand what is really at stake — and what lessons this crisis leaves for the years ahead.Start your EnergyScan free trial and get more analysis and data on energy markets : https://bit.ly/47Wuz01Follow us on twitter : https://twitter.com/Energyscan_egmContact us at [email protected]

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/47Wuz01Follow us on twitter : https://twitter.com/Energyscan_egmContact us at [email protected]