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Rising oil boosts energy markets - 07-01-2021

Closing price: Most of the price rises came in the gas market yesterday than power, with supply uncertainties for the rest of the winter with cold weather forecasts and lowering Russian gas flows. Oseberg gas field came back up online yesterday to improve supply.

Opening Price: Prices opened higher at the start of the day, boosted by rising oil prices amid lower production in Libya. Carbon also broke the €90 off the back of Chinese carbon reduction plans and the ambition to reach 50% renewable mix by 2025. Prices have however since trended downwards all day and are currently lower than opening prices with the announcement Dutch Authorities state they are likely to increase gas production at the Groningen field this year to help the security of supply in Europe.