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Putin's currency demands for gas payments keep European cut-off fears alive

Close price: Despite a major outage curtailing Norwegian supply, prices came off on Friday, with strong LNG deliver schedule to Europe and oil moving lower with concerns regarding slower economic growth globally in 2023.

Opening price: The UK energy system is well supplied this morning, with Norwegian exports up 150% following Friday’s slump in output. Prices are slightly down from Friday’s close, with a slight reduction in Russian gas flows keeping fears alive that gas flows could be cut off if Europe fails to co-operate with Putin’s currency demands for gas payments later next month.