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Weaker gas supply via Veľké Kapušany pushes prices higher - 08-02-2022

Close price: Prices closed lower for the first time in a week, with above average temperatures and a minor boost in Russian gas flows. Prices did start off much lower in the morning, but most the losses were gone by the afternoon with Biden reiterating that Nord Stream 2 remains top of the list of ramifications should Putin order an invasion of Ukraine.

Opening price: Prices are up this morning, despite demand being lower and oil pulling back, because Russian gas flows have once again been inconsistent and lowered through Veľké Kapušany. As mentioned, oil is down in value with the talk and prospect of returning Iranian supply coming back online. Signs of progress were seen between the US and Iran regarding nuclear talks, and if US sanctions were lifted, Iran could quickly export millions of barrels of oil, helping to meet global demand