• Russia & Ukraine have been discussing a status for Ukraine akin to Austria or Sweden, holding membership to the EU without military alliance with NATO.
• Russian gas supplies drop as Yamal pipeline continues eastbound flows.

UK Gas and Power markets are trading down today, with softer prices along the curve as hopes are renewed for a breakthrough with Russia and Ukraine talks seeking compromise from both parties. Negotiations are currently leading to Ukraine adopting a status akin to Austria or Sweden, allowing EU membership outside the NATO military alliance. Volodymyr Zelenskiy, the Ukrainian president, says the positions of both parties are looking more realistic, but time is needed.

Brent Crude continues trading shy of the $100/bbl mark, currently down session-on-session with perceived improvement to the Russia-Ukraine war and slowing Chinese demand despite seeking support from ongoing supply concerns. The IEA (International Energy Agency) states three million barrels per day of Russian oil may not reach the market next month following its recent invasion of Ukraine.