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EU 90% Storage pledge put into law

Close price: Prices closed ever so slightly higher after some successive losses. The European commission has made it a requirement by law that members must fill storage sites up to 90%. This has pushed up summer 22 prices, with Winter 22 prices actually moving down the other way. Overall, this balanced daily movements.


Opening price: Prices have trended downwards for most of the day by about 8 to 10% on some periods. Helping this trend is optimism with Ukrainian President Zelensky saying peace talks with Russia are beginning to “sound more realistic”. Adding to this, is a potential to improving fundamentals, with Norway increasing its limits for natural gas extraction for Troll, Oseberg and Heidrun fields in order to maintain the currently high levels of production.