State of the Energy Market – 28th June 2022

Daily Updates

Following the announcement that Russian shipments through the Turkstream pipeline to Turkey had resumed, the market weakened early this morning (28th June). This, however, was only temporary as the market began to rise in the early afternoon, leaving a mixed view by the end of the day. This is mostly the result of persistent worries that Russia will stop, or at the very least, make the flow of gas unpredictable. Temperatures are expected to rise starting on July 4th, and it’s conceivable that less wind may blow during this warmer period which could tighten supply margins adding to the bullish fundamentals.

Gas

July 22 wholesale gas prices s increased by 1.3% to close at 171.91 pence per therm.

Power

Wholesale power prices also increased by 1.3% to close at £195.16 per MWh.

In other energy related news:

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