The generally bearish trend across power and gas continues, with further value shed. There was a brief spurt higher earlier this month, due to fears over colder weather and the effect of French strikes on the nuclear industry. The worry was short-lived. In spite of the cold weather resulting in great gas storage withdrawals, overall volumes remain well above 5-year averages across the EU, and this should have a knock-on effect of lower prices when summer replenishment begins. Weather conditions – as has been the case for much of the winter – remain favourable from an energy sense, with higher than average temperatures reducing domestic demand. In a wider energy context, both oil and carbon continue to lose value, although there are indications that post-lockdown oil demand in China may see this begin to rise again.

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