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Energy Market Review – 7th-11th February 2022

Power

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Power prices continue to follow the gas market closely, with the Russian/ Ukrainian situation deciding the fortunes of European energy markets. Meanwhile, Ofgem’s lifting of the energy in April is adding to the volatility.

Week Starting Price (Year-Ahead): £190.19/MWh

Week Ending Price (Year-Ahead): £185.57/MWh

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Gas

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Gas prices continue to record strong gains and reach new record highs as tensions between Russia and Ukraine are still dominating the news, with a Russian invasion rumoured to be on the cards, impacting the transit of gas into Europe.

Week Starting Price (Year-Ahead): 193.98ppt

Week Ending Price (Year-Ahead): 178.31ppt

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Commodities

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Oil prices remain bullish, with Brent Crude continuing to trade above $90/b, with many analysts expecting the commodity to break the $100/b level in the coming months. Elsewhere, Carbon markets have hit new record highs.

Brent Crude Week Starting Price: $92.34/b

Brent Crude Week Ending Price: $91.84/b

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