• Russian supply into Europe remains stable along with LNG imports
• Prices fall across gas markets due to stable supply, but uncertainty remains as to how long this will last
• The US and UK to ban Russian oil supplies

Markets today have rebounded from the recent highs we saw earlier in the week as the fundamentals looked to offset future supply disruptions amid the Russian/Ukraine conflict. Russian supplies and LNG imports coming into Europe remain stable adding some much-needed downside into gas markets as front seasonal and near curve contracts saw significant losses. Milder weather and healthy wind output also contributed towards today’s bearishness.

The embargo on Russian energy by the U.S and UK has had little impact on markets, but the EU are unlikely to follow suit due to the heavy reliance on Russian gas and oil. There is still a lot of uncertainty around how long the stable supply of gas is likely to last and is likely to limit any losses in the short-term.

The U.S have announced they will ban Russian oil imports with the UK looking to follow but to phase it out over the year. Crude prices jumped to £130/Bbl this morning as Russian crude struggled to find buyers but has since fallen below yesterday close price.