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EU Bans Russian oil

Close price: A fairly volatile day yesterday, ultimately the gas markets changed very little on close. a changeover of months as May-22 drops out impacted prices slightly on the graph.

Opening price: Prices are up across the board, as it takes in the news of a EU wide ban on Russian oil by the end of the year. Brent is up 4.5% as a result to near $110/bbl.

The EU’s announcement is the most significant energy response since the war started, as it seeks to economically damage Moscow and cut its reliance completely on oil. The big elephant in the room is still on gas, and for the time being, Europe has not made any further sanctions as it concedes its reliance short term.

The EU is also proposing to cut off Russian banks from the international SWIFT messaging network as well as targeting insurers to make it difficult for Russia to ship oil around the world.