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Ukrainian and Russian negotiations help to cap prices this morning - 28-02-2022

Close price: Friday prices closed heavily down, with Russian gas flows into Europe increasing by a large margin and the fact the Russian energy sector was not targeted at all in the latest round of sanctions. An admission of reluctance from the EU and UK due to the energy crisis?  

Opening price: Gas prices have jumped as much as 36% in morning trading, as the market swings again. Prices have since sold off some gains. There is extreme volatility in the markets, with swings of this magnitude daily not usually seen. Western nations have agreed to impose stronger sanctions against Russia, including Russian banks being removed from the Swift transaction system.

Russia and Ukraine officials are beginning talks today, with Ukraine insisting on a ceasefire while they take place. This is helping to cap gains in gas & power prices. Both sides don’t expect any developments today, but if this conflict has taught us anything, it is to expect the unexpected and scenarios to move very quickly