Daily Market Insight - 7th March 2022
Gas prices hit an all time high as sanctions on the Russian energy sector is explored
Key Market Drivers
- Summer-22 gas prices peak at 652p/Therm
- The U.S and Europe discuss possible sanctions on Russian oil
- Brent prices soar and hit $139/Bbl, its highest since 2008
Market Prices
Front Seasonal Prices
Brent Crude Price
UK, EU & US Currencies
Carbon Price
Market Insight
Gas prices hit an all-time high on Monday with Summer-22 prices reaching 652p/Therm and some near curve prices exceeding the 600p/Therm mark. Day-Ahead markets faired in similar fashion and saw increases up to 50% on the power. The main driver for most of the upside despite Russian gas flows remaining stable, was discussions around sanctions on parts of the Russian energy sector, mainly oil which also led to Brent prices reaching its highest point since 2008. The gas system was balanced this morning as withdrawal from storage was up and wind output remaining low. Norwegian flows continue to remain flat but stable.
Carbon markets continue to fall despite the record levels of upside in gas markets. With discussions over the weekend exploring sanctions on Russian oil exports, Brent prices peaked at $139/Bbl but have since seen losses throughout the day but remain above prices from last week.
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