For the seventh consecutive meeting, gas prices in Europe are falling, while oil is falling, with Russian flows to the continent continuing, in parallel with the war in Ukraine.
In particular, futures contracts in the Netherlands traded 2.2% lower at 10.61 euros per megawatt-hour, while the corresponding futures in the United Kingdom fell 4.4%.
Orders for Russian gas shipments through Ukraine rose on Monday but remained below capacity, while the Yamal-Europe pipeline continued to flow east, to Poland, from Germany.
The gas passing through Russia’s main pipeline, the Nord Stream, remains high and stable.
While the EU agreed last week to ban coal imports from Russia – for the first time as EU sanctions target Moscow’s energy revenues – gas continues to be excluded from sanctions.
Oil fell $ 4 a barrel as Brent fell below $ 100 as plans to release bulk crude and petroleum products from strategic reserves, and to continue the lockdown for coronavirus in China.
In particular, brent fell $ 3.93 to $ 98.85 a barrel, while west texas intermediate lost $ 4.19 or 4.3% to $ 94.07 a barrel.
Bank of America kept its estimates for Brent at $ 102 a barrel in 2022-2023, but cut its estimates for the summer rise to $ 120.
UBS also downgraded June delivery to $ 10 a barrel to $ 115 a barrel.
“The release of strategic government oil stocks should ease market pressures in the coming months, reducing the need for oil prices to rise to cause a short-term blow to demand,” UBS said.
Source: Capital
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