Trade relations between the US and China are deteriorating once again.
Reigniting concerns about the global energy demand outlook.
- Trump has announced a doubling of tariffs on steel and aluminium from 25% to 50%.
- Asia JKM prices were down (- 1.25% for July delivery to €36.25/MWh).
- Looking at the UK supply picture, Norwegian sector flows increased with “linepack data” showing an average of around 300 mm cm/day to close last week.
- On the power side, Wind in the UK is delivering 18% of the requirement this morning, with Solar at 16%.
- Carbon seems to be holding above the €70/ton level as market participants look ahead to possible tighter fundamentals moving into 2026.