• Russian gas flows to EU remain stable.
• Norway to Poland (via Denmark) gas pipeline is expeted to be ready for shipments by Q4-22.
• Oil opens up on continued supply concerns.

UK energy prices have opened the session mixed across the curve as ongoing uncertainties continue to pressure the market. The UK system has opened balanced this morning, with temperatures residing above seasonal norms and LDZ gas demand inversely correlated below normal levels. Russian gas flows remain stable and coupled with a strong LNG send out and softer demand, presents a healthy fundamental outlook. German spot prices have increased almost 3 fold as wind output levels plummet.

Brent Crude has opened the session up, although posting the largest weekly drop since November, as ongoing supply concerns remain as the market looks to balance Russian oil embargoes with efforts to increase global supply from alternative sources. Polish Prime Minister, Mateusz Morawiecki has reveled the Baltic Pipe, set to run between Norway and Poland via Denmark, is expected to be ready for shipments later this year. This comes as the European Commission has published plans to reduce dependancy on Russian gas by two-thirds over the remainder of this year, and be completely independent of Russian supply "well before 2030".