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The Russian decision to sanction a number of companies lifts prices

Close price: Prices jumped up much higher yesterday, with the decision for Russia to sanction several European gas providers and cut deliveries into the Gazprom subsidiary, now owned by the German state. The market lifted as this increased the perception that Russia was willing to weaponise energy flows further.

Opening price: Markets have corrected somewhat from yesterday’s jump, as it tries to weigh up Russia’s next move, with the current situation appearing manageable, and the market overreacting yesterday.

Here in the UK, we have flipped back into oversupply territory, with wind generation peaking at 14GW, before sharply declining. EU gas storage levels are up to 38%.