1st June 2022 | Market Analysis

Close price: Brent pushed to near $123/bbl yesterday, helping to lift gas and power markets. This comes off the back of the confirmation the EU would ban all seaborne Russian oil imports.

Opening price: Markets are shifting down this morning, after a string of daily rises recently. With the deadline of Rouble payments now passed, there has been no significant reduction in Russian physical flows, sending positive signals, and easing concerns. This, combined with stronger wind generation next week and 8 LNG tankers due in the next two weeks, the supply picture has improved.