Commodity Market Report

Southern Cone gas and power short-term outlook: January 2024

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In Argentina, delays in the Gasoducto del Norte reversal tender raise concerns about this winter's gas supply to Northwest provinces. The 5 Mcmd Enarsa agreed with YPFB until July will not be enough for the peak of the cold season. Meanwhile, despite the increased flexibility in the new addendum of YPFB-Petrobras GSA, Brazil will import a similar amount of gas from Bolivia as in 2023: 15 Mcmd. With the El Niño phenomenon expected to end in the coming months, Brazil's reservoir levels decreased 51 % y-o-y. In the opposite direction, Chile's reservoir levels continued the 2023 upward trajectory, reaching the highest value in 15 years in January 2024. On the demand side, heatwaves are increasing the power load in the Southern Cone.

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