Energy markets remain significantly affected by events in Ukraine and the expectations surrounding Russian gas flows to Western Europe. Markets remain volatile, but we are not seeing the extremes that happened during the first days post-invasion. Naturally moving out of the heating season de-risks the gas market to some extent, and the German government taking control of Gazprom’s Western European storage facilities offers some comfort, although the physical gas to fill these remains a hot topic.

In the wider energy complex, oil has come off its recent peaks that lead to the surge on forecourt petrol prices, but still remains in excess of $100. With the move away from Russian gas reliance a priority, so the role of other energy sources is being highlighted more and more. Hence there is more thought given to hydro-electric power, relatively locally in Norway, but also as far afield as Brazil, clearly demonstrating just how globalised energy has become.

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