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Prices increase by around 8% on average this morning - 05-01-2022

Closing price: Tensions between the US and Russia may have sparked the recent decline in gas flows to Europe. Either way, supply is become less frequent and reliable into Europe, and is drove prices higher following a significant dip in recent days.

Opening price: The UK gas system has opened balanced, however prices are up across the curve this morning, by about 8% on average as the market continues to react to Russian flows dropping to the lowest levels in 7 years at the height of winter. Two LNG vessels are scheduled to arrive at British terminals today with a further three vessels due on Thursday.