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A Drop in GazProm flows lift prices - 02-01-2022

Close price: Prices plunged yesterday of the back of a ramp up of gas flows into Europe from GazProm. Above seasonal temperatures and strong wind output also weighed down prices.

Opening price: A slight bounce up this morning in prices, mainly as gas flows from GazProm have changed once more. Nominations through Velke pipeline have fallen to 63mcm from 80mcm yesterday. This volatility and unreliability will only add to the overall market volatility in the markets.    The British Prime Minister met with Ukrainian President yesterday and has committed to economic sanctions of “unprecedented strength” should an invasion occur.