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Prices jump by 10% following Russian developments - 22-02-2022

Close price: The calm before last nights storm, as prices closed slightly down with forecasts of a warmer end to February helping prices lower. Concern in the markets over Russia-Ukraine were also eased with Russia agreeing to meet at a summit with the U.S on Thursday. This was before last night’s developments.

Opening price: Late last night, and all over the news we saw a major development with Russia ordering its troops into the Donetsk and Luhansk regions to operate “peacekeeping”. Prices opened around 7% as a result, before falling back a bit. Then came the news just an hour ago that German chancellor Olaf Scholz declared that the Nord Steam 2 pipeline can categorically go ahead given Russia’s actions. Prices are up 10% currently as a result.