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Prices climb by 7.5% since yesterday - 01-03-2022

Close price: Having opened around 30% higher in the morning, gas and power markets sold off throughout the day, to only end up 5% higher as the high volatility continues. Oil pushed above $100/b again with concerns that Russia’s limited access to SWIFT would prevent off-takers from paying for oil, and therefore disrupt deliveries of the commodity.


Opening price: Prices are currently up around 7.5%. Yesterday the two major UK oil companies BP and Shell announced they are set to divest away from Russian Energy companies. BP is exiting it 19.75% stake in Rosneft, while Shell is cutting ties with Russian state owned GazProm Energy, and expects to write down $3bn in assets. The conflict in Ukraine has been intensifying, with bombing becoming more heavy and frequent. There is also some unconfirmed reports that Belarusian troops are now moving towards Kyiv this morning to support Russia, which is making energy markets more concerned in the last hour.