Energy prices held steady yesterday with minor gains in natural gas and power, supported by colder weather forecasts, upcoming Norwegian maintenance, and stable LNG arrivals. Ongoing geopolitical tensions and evolving EU storage policy discussions added further complexity to market sentiment.

Energy markets opened the week with modest gains, driven by geopolitical uncertainty and colder weather forecasts. European gas and power prices edged higher, while oil and carbon markets remained relatively stable.

Energy markets saw relatively muted activity yesterday as traders assessed conflicting geopolitical signals. European natural gas prices posted small gains, while UK power prices exhibited minor movements. Oil and carbon markets remained steady.

Energy markets experienced a largely bearish session, with UK and European gas prices declining amid warmer weather forecasts, increased renewable generation, and a lack of significant bullish geopolitical developments. Power markets followed suit, pressured by weaker gas prices and a downward trend in carbon.

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Energy markets were volatile at the start of the week, with initial price support from geopolitical concerns around the Sudzha metering station fire giving way to softer fundamentals. The market remains focused on upcoming US-Russia-Ukraine talks in Saudi Arabia, while strong LNG arrivals and steady Norwegian flows are keeping supply conditions relatively loose.

Energy markets experienced a relatively quiet session yesterday, with prices softening towards the end of the day. However, overnight reports of a strike on the Sudzha gas pumping station in western Russia have introduced fresh uncertainty, with initial reports suggesting a Ukrainian drone strike. If confirmed, this would mark a significant escalation and could impact negotiations over a ceasefire agreement. Markets are likely to react cautiously to this development, with volatility expected.

Energy markets surged yesterday, with European gas prices climbing sharply as geopolitical uncertainty and a shift in market sentiment drove bullish momentum. Continued attacks on Ukrainian infrastructure, alongside stalled diplomatic efforts, fuelled risk premiums, while a reversal in fund positioning indicated renewed investor interest in gas markets.