The rally in prices seen at the start of June has not pushed on with any real vigour. The issues that caused the surge – low renewable output, cooling demand spiking and Norwegian gas maintenance delays – have all been resolved with wind speeds increasing and gas coming back online. The high EU gas storage levels have helped calm things, in spite of a reduction in LNG shipments. There has been little price support offered by oil, although this may rise on extended OPEC+ production cuts. There have been price increases seen across coal and carbon, as Germany in particular has relied more heavily on coal-fired electricity generation. There has also been more speculative trading on gas, as the political drama in Russia plays out.

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