Gas and power
Overview
Gas and power, two integral energy sources that underpin all major economic activities, are critical for businesses, which need access to reliable market information, data and prices. This enables them to make more informed decisions relating to their exposure to gas and power sectors.
Our team of market experts provides independent and reliable price assessments, indexes, market data and in-depth analysis. Our prices and market intelligence are used by energy companies, governments, banks, regulators, exchanges and many other organisations. You can benefit from our in-depth knowledge of these markets for better decision-making.
Gas and power market coverage
Argus is a leading independent provider of market intelligence to the global energy and commodity markets. Our price assessments and market intelligence are available for all major gas and power markets across the globe. Explore our coverage most relevant to your business.
Latest gas and power news
Browse the latest market-moving news on the global gas and power industry.
US delays Canada tariffs by a month: Trudeau
US delays Canada tariffs by a month: Trudeau
Calgary, 3 February (Argus) — US tariffs threatened against Canada will be delayed by 30 days, prime minister Justin Trudeau said this afternoon after talking with US president Donald Trump. "I just had a good call with President Trump," Trudeau posted on X, before describing Canada's plan to send thousands of officials to the US border to police fentanyl trafficking. The two leaders spoke twice on Monday, the eve of sweeping tariffs Trump had proposed against Canada and Mexico . Earlier in the day Mexican tariffs were also delayed by a month after similar promises for more troops on the border. "Nearly 10,000 frontline personnel are and will be working on protecting the border," Trudeau wrote. "In addition, Canada is making new commitments to appoint a Fentanyl Czar, we will list cartels as terrorists, ensure 24/7 eyes on the border, launch a Canada-US Joint Strike Force to combat organized crime, fentanyl and money laundering." Canada will be putting C$200mn ($139mn) towards tackling organized crime and fentanyl. In light of the US-Canada tariff pause, manufacturing and mineral-heavy Ontario said it would pause retaliation measures of its own announced earlier in the day. That would have banned US companies from provincial contracts, removed American products in liquor stores and cancelled a contract with Elon Musk's Starlink internet services. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump defends U-turn on Mexico tariffs
Trump defends U-turn on Mexico tariffs
Washington, 3 February (Argus) — US president Donald Trump insisted today that his abrupt decision to delay by a month the decision to impose 25pc tariffs on imports from Mexico had nothing to do with the reaction of financial markets or criticism from the normally reliable quarters of his support. Trump's decision-making on Mexico tariffs so far looks like a signature move from his first term — escalatory rhetoric and action followed by de-escalation after extracting concessions that do not appear to be significant. Trump said today he agreed to postpone the 4 February implementation of 25pc tariffs on Mexican goods by one month, after receiving assurances from Mexico president Claduia Sheinbaum that she would immediately reinforce the shared border with 10,000 national guard troops. Trump said there would be negotiations in the coming weeks between Mexican officials and US secretary of state Marco Rubio, secretary of the treasury Scott Bessent and secretary of commerce Howard Lutnick to prevent the tariffs from going into effect. Trump's plans to impose import taxes on Mexico, Canada and China weighed on stock markets early on Monday and boosted oil prices and the US dollar. The effects of his tariffs and any retaliatory actions by Mexico would have been felt on both sides of the border and would have severely curtailed the flow of energy and other commodities between the two countries. "There was no blinking", Trump said in a free-flowing gaggle with reporters at the White House. "She did agree to 10,000 soldiers on the border. I would say that's a lot." Trump in 2019 similarly threatened to impose 5pc tariffs on all Mexican goods. He relented when former president Andres Manuel Lopez Obrador said Mexico would deploy 21,000 national guard troops to contain the flow of migrants toward the US. "Dumbest Trade War" or deal pathway? Trump, who invited the press into the Oval Office today to observe the signing of an executive order establishing a sovereign wealth fund for the US, heaped praise on News Corp owner Rupert Murdoch, who was invited as a guest at the ceremony. But Trump pushed back against News Corp-owned Wall Street Journal 's editorial board, which described his tariffs on US neighbors as "the Dumbest Trade War". "I don't agree with [Murdoch] on many things," Trump said. "The Wall Street Journal is wrong, because, very simply, every single country that you're writing about right now is dying to make a deal." Canada, which is also subject to a 25pc tariffs beginning tomorrow, so far has not made a deal with the US. Trump said he spoke with Canadian prime minister Justin Trudeau this morning and would speak again at 3pm ET. "We're going to talk again at three o'clock, right after my next meeting, and we'll see what happens," Trump said. "I can't tell you what's going to happen." The US has yet to offer details on implementing tariffs or to break down which Canadian energy commodities would be subject to a lower, 10pc import tax. The White House executive order listed the exemptions as "crude oil, natural gas, lease condensates, natural gas liquids, refined petroleum products, uranium, coal, biofuels, geothermal heat, the kinetic movement of flowing water and critical minerals". Trudeau's government has unveiled a more detailed list of US imports , worth C$30bn ($21bn), that would be subject to retaliatory tariffs, to be followed by an additional C$125bn of products later this month. Trump, who imposed a lower, 10pc, tariff on imports from China, said today that imports from that country would be subject to higher taxes soon. But he added, "I will be speaking to China probably over the next 24 hours." Trump today again proposed a joint US-China ownership of social media platform TikTok, the latest of many issues that divide the two countries. He also repeated his allegation that China "is involved with the Panama Canal" and that the US would wrest back control over the waterway. In addition to pushback over tariffs, Trump today faced harsh criticism from Democratic lawmakers after he ordered the shutdown of the US Agency for International Development, which is responsible for disbursing US humanitarian aid and carrying out development programs globally. Senior Democratic lawmakers joined the staff of the agency in front of its headquarters, where security guards were preventing anyone from entering. "I love the concept [of that agency], but they turned out to be radical left lunatics," Trump said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Ice TTF gas risk reduction contract positions soar
Ice TTF gas risk reduction contract positions soar
London, 3 February (Argus) — Risk reduction contracts held at the Dutch TTF gas trading point on the Intercontinental Exchange (Ice) soared to a near record high in the week ending 24 January, suggesting significant hedging activity. Firms take on risk reduction contracts mostly for hedging purposes — they offset a physical position with a paper position so as to reduce exposure to price fluctuations. When firms inject gas into storage, they might for example open a risk reduction contract on paper to offset this position in the future. The gross amount of gas that commercial undertakings hold under long and short risk reduction contracts combined reached its second highest since at least 2018 at 1.38PWh in the week ending 24 January, the most recent data from Ice ( see risk reduction graph ) show. Firms increased their long positions by 19TWh week on week to 581TWh, and their short positions by 13TWh to 794TWh. After netting the two off, commercial undertakings hold a net short position of around 214TWh of risk reduction contracts, down from a recent peak of 228TWh in the week ending 3 January. Higher LNG deliveries to Europe in recent weeks may have driven some of the interest in risk reduction contracts, given that importers need to hedge ahead of time in order to lock in margins. TTF prices have increased enough in recent weeks to firmly close the arbitrage between the Atlantic and Pacific basins, attracting more LNG cargoes to Europe. European LNG imports soared in January to their highest for any month since April 2023. The TTF summer 2025 contract's growing premium to the winter 2025-26 market may have additionally boosted interest in risk reduction contracts. The spread widened sharply after Germany's THE announced a consultation for a new kind of storage tender that would subsidise injections if seasonal spreads stay inverted , with many traders seeing this as a signal that German storage sites will be refilled , regardless of commercial incentives. The TTF summer 2025-winter 2025-26 spread jumped to +€4/MWh on 21 January, the day of THE's announcement, from +€2.73/MWh a day earlier, and widened further to as high as +€6.39/MWh by 30 January. In terms of total net positions across all contract types, investment funds held a net long of nearly 278TWh in the week ending 24 January, the highest since late November. At the same time, investment and credit firms held their highest net short position since October 2021 at 245TWh. Commercial undertakings held a net total short position of 33TWh ( see net positions graph ). By Brendan A'Hearn ICE TTF net contract position TWh Commercial undertakings' risk reduction contract positions TWh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US manufacturing expands in Jan after 26 months: ISM
US manufacturing expands in Jan after 26 months: ISM
Houston, 3 February (Argus) — US manufacturing activity expanded in January after 26 consecutive months of contraction, according to the Institute for Supply Management's latest factory survey. The manufacturing purchasing managers' index (PMI) registered 50.9 in January, up from 49.2 in December. The new orders index rose to 55.1 last month from 52.1 in December, marking a third month of expansion. Readings above 50 signal expansion while readings under that point to contraction. Production rose to 52.5 last month from 49.9 the prior month. Employment rose to 50.3 from 45.4. "Demand clearly improved, while output expanded and inputs remained accommodative," ISM said. "Demand and production improved; and employment expanded." US factory activity expanded robustly in the first two years after Covid-19 hit, then contracted for the subsequent two years, even as growth in services activity, the largest part of the economy, maintained the overall economy in expansion territory. The new export orders index rose by 2.4 points to 52.4 and the imports index rose by 1.4 points to 51.1. The prices index rose to 54.9 from 52.5, with aluminum, freight rates, natural gas, and scrap among gainers. "Prices growth was moderate, indicating that further growth will put additional pressure on prices," ISM said. The inventories index fell by 2.5 to 45.9, signaling contracting inventories. Backlog of orders fell by one point to 44.9, indicating order backlogs contracted for the 28th consecutive month after 27 months of expansion. Supplier deliveries rose by 0.8 to 50.9, suggesting marginally slower deliveries. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our gas and power products
Both the natural gas and power services have a long track record of providing well researched pricing, high quality analysis and market intelligence to our clients.
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.