Close price: ‘Sell-off’. Words you have probably been longing for me to say. Well it happened yesterday, as the markets dropped 15 to 20% from recent all time high valuations. Lets put it into context though. Prices have only returned to valuations seen last week. It’s a step in the right direction, but prices are still extremely high.
Yesterday’s movements were helped by the oil trading sharply down, with key OPEC member UAE calling upon the organisation to boost output.
Opening price: The sell-off continues into today, with the markets trending downwards all day. Prices are down a further 10 to 15% from yesterday as the market works out where it wishes to now settle from the extreme jump seen last week.
The European commission has said that Europe has sufficient amounts of gas in storage for the remainder of winter, but will replenish reserves through the summer and will propose by 1st October that 90% of storage capacity is full. How it will go about achieving this is the next key question, but it has boosted the confidence in the markets.