Flagship Energy’s Tejal Shah Energy Markets Update – 19th March 2025

The well awaited call between Trump and Putin fell short of the much-anticipated ceasefire. They did however announce a temporary pause in attacks on Ukrainian energy infrastructure for it only to have been broken with both parties blaming each other this morning. We are still far from a broader peace agreement, with continued to talks in Saudi Arabia over the weekend. The market remains cautious with both TTF and NBP gaining 4% this morning. It’s quite clear from the rejected ceasefire that the return of more Russian gas in Europe will not happen in the short term and that gas prices in the region will remain volatile. We are also coming to the end of the winter season with all eyes on storage levels and the summer ahead. European storage levels are just above 34% full and European LNG imports will need to remain high to fill storage facilities. Tightness in the market as well as geopolitical uncertainty continues to drive prices.