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Flagship Energy’s Tejal Shah Energy Markets Update – 31st January 2025

Tejal Shah, Head of Trading & Risk at Flagship Energy provides a market update

Yesterday’s sharp movements bring us back to new highs for the year in both the UK and European gas markets. Updated weather forecasts pointing to a colder start in February, lower wind generation, unplanned outages in Norway along with concerns around storage depletion were at the forefront. In addition, Ukrainian storage facilities yesterday were also reported to have fallen near the critical 10% mark with the country urgently needing to import. Elsewhere the carbon markets have also rallied. The Financial Times stated Sir Keir Starmer is looking to relink the UK and EU emission trading schemes. UKA’s have gained over 14% moving above £40/tonne, though alignment could take years. In other news the EU confirmed it would not ban Russian gas flows until alternative supplies are found. Reports also suggest that German and Hungarian officials are floating the idea of resuming Russian gas imports to “encourage Moscow to the negotiating table” and “bring down high gas prices.” Volatility continues.

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