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Energy prices fall by around 15% this morning - 09-03-2022

Close price: Prices closed a tad lower in another volatile day. While the U.S and UK banned Russian oil imports, the EU have been reluctant to do so. They have however, committed to reducing reliance of Russian gas by two-thirds from 2023, which eases supply fears for 2022, but there is still a lot of uncertainty in how Russia will respond and how the EU will fill this void in just 9 months’ time.    

Opening price: Prices have fell on opening. Falling a near 15% and now settling as the market tries to find its new resistance point. Gas demand in the UK is below seasonal average, with milder weather on the horizon.