Close price: Before the invasion began late last night, prices already closed 10% higher with Ukraine declaring a state of emergency. The conflict has become almost the sole focus of the markets and the world. This will continue to be a fast moving situation now. Sanctions from the UK, EU and U.S are expected to significantly ramp up, however at present, this is doing little to deter Russia.
Opening price: The world awoke to the news a large scale invasion of Ukraine has begun. Gas prices opened 30% higher immediately as a result. Conflict is only intensifying and the UK is holding an emergency Cobra meeting this morning to respond. An urgent meeting is also to be held with all NATO members. At a minimum, significantly tougher sanctions are expected. Gas and Power prices are extremely volatile intraday and will continue to react to developments.
Oil prices passed the landmark $100/barrel with ease, and is currently trading at $105 which is adding to bullish sentiment in the whole energy complex. *The fallout of today’s price hike will show on tomorrows graph*