Close price: Another huge gain in prices yesterday, which at one stage was looking much greater with gas hitting 800p/therm on the front month, before coming down in the afternoon. The intraday volatility was unprecedented.
Opening price: Prices opened 15% up on the news Russia would be willing to cut all gas supplies to Europe, if a ban on Russian oil goes ahead from the west as a retaliation.
However prices have since come down as fears ease that Europe at least are pouring cold water on the idea of imposing an oil ban. The USA however, may well still proceed. But with only 4% of their imported oil coming from Russia, they have much less to lose than Europe. Gas and power prices are currently now trading lower than yesterday’s close, but again, frequent volatility is to be expected in the markets each day for the foreseeable.