• Gas markets calm after recent spikes
• Wind output and temperatures set to sit below norms until mid-March
• Oil prices continue to rally and hit multi-year highs as sanctions escalate

Markets have calmed today from recent spikes as prices across the near curve and front seasonal contracts are mixed. As fighting continues in Ukraine speculation around supply disruption will still persist. Russian flows coming into Europe remain stable at the moment as sanctions on Russian gas and oil exports remains overlooked as this may hurt Europe more than Russia itself.

The UK gas system opened up balanced this morning due to withdrawals from storage and wind speeds remaining low, adding only 6GW to the stack. Wind generation is likely to remain below seasonal norms until mid-March with temperatures expected to be below normal until 12th March and in turn will support the bullish conditions we are experiencing.

Carbon prices continues to see losses despite the bullish nature of markets across the complex. Oil prices again rallied and hit multi-year highs as Brent reached $120/Bbl this morning as fresh sanctions against the Russian oil refiner sector added much of today’s upside.