Price Report for Wednesday 18th May 2022
Power & Gas: The UK Gas system opened 17mcm long today with increased flows via Langeled more than offsetting the slight reduction in LNG send out. EU terminology around the legality of the Gazprombank accounts used to pay for Russian gas continues to confuse us all but is ultimately leaning to acceptance that sanctions rules remain enforced for the buyers who have opted for the payment system. Russian authorities also appear to accept this as meeting their definition of payments to be made in Roubles.
Carbon: Speculators suggesting that EU intervention is imminent for a multiple reasons (controlling speculative trading, adding energy cost relief due to Ukraine war and Russian sanctions) which remain unconfirmed, but all interpreted as bearish signals.
Oil: Despite US inventories and strategic reserves falling week on week, the increase in refining activity has allayed supply concerns, with global inflationary pressure weighing on demand forecasts and seeing a fall in prices today.
End of Day Seasonal Prices, Wednesday 18th May 2022
(The above prices were updated 09:45, Thursday 19th May 2022)
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