EU decision to ban Russian oil leads to surge in price

In this week’s Resonance energy market podcast Jeremy Nicholson talks to Alfa’s Dr Petra Puskarova about the continued impact of the Russia-Ukraine conflict on European energy markets.

Topics explored include:

• Oil price surges (now hovering around $125/barrel), mainly driven by EU’s decision to ban Russian imports into Europe
• Gas prices remain fairly range bound but volatility expected on thin trading volume due to bank holidays, drop on Nordstream 1, and proposed cut off of Russian gas to Holland.
• Decoupling of UK and continental gas prices (UK storage stocks high)
• Western Europe’s transition from Russian gas will take years
• 11th July – volatility expected: uncertainty around whether Russian gas flow Ukraine or Poland during the maintenance
• Power – lower demand due to holiday demand coupled with high nuclear and wind generation, pushed German SPOT to lows not seen for many months.
• Nuclear generation outages in France driving power prices higher in the short term

Resonance Podcasts

Resonance is an Alfa Energy Group podcast series where we explore some of the latest insights from the energy and sustainability sector as it goes through a significant transformation. Fuelled by new challenges, new ideas and new technologies, we discuss what it means for businesses to realise their energy and sustainability ambitions.

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