Impact of Conflict in Ukraine and the Short-Term Gas Markets.
The European gas market, as well as the global gas market, is in a high state of uncertainty regarding the potential impact of any possible conflict in Ukraine. In this latest OIES Quarterly Gas Review, we focus on the implications of a potential military invasion of Ukraine by Russia. In the second part we focus, as usual, on short-term gas pricing developments, discussing the roller coaster ride in wholesale gas prices and what the forward curves look like given the heightened uncertainty regarding pipeline flows from Russia into Europe. The second part also analyzes the underlying European supply-demand balance, including the rapid depletion of storage.
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