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U.S. and EU sign LNG Agreement

Close price: Yesterday was a particularly volatile day, with both strong bullish and bearish trends, but eventually the markets closed lower. The volatility was spurred on by NATO discussions and further sanctions announced against Russia.

News that the USA is coordinating another oil stockpile release weaken Brent prices slightly.

Opening price: The USA has committed to sending an additional 15bcm worth of LNG to Europe this year, with the potential for even more into 2023. Prices were down 11% this morning on that announcement, but have caught back most of the losses in another volatile morning. UK temperatures are forecasted to be at least 3 degrees above seasonal averages for the rest of the weekend, however wind generation is very low, so both weather factors appear to be offsetting each other