Russia and Ukraine back in focus on the gas market

Focus week 18: European gas prices continued to climb last week. The focus is once more on Russia, and the country’s conflict with Ukraine is resulting in uncertainty in the market.

Here and now

Last week started with price falls in the forward market, but the mood changed towards the end of the week. The weather forecasts continue to indicate temperatures below normal for the time of year, at least until the middle of May, and the spot prices are climbing sharply as a result of the delayed snow melting. This development was supported by the continued uptrend in the fuel and carbon markets as well as in the German electricity market, and the Nordic Q3-21 and YR-22 contracts closed at EUR 32.40/MWh and EUR 30.95/MWH respectively on Monday.

Read Focus here.