TB Daily market report Tuesday 05 Aug

Milder weather and ceasefire talks weigh on prices.

Gas and Power

• Markets pushed heavily lower last week after an extended bullish run, as warmer weather forecasts and improved wind outlooks were factored in.
  
  
• Ceasefire talks around the Russia-Ukraine conflict facilitated by the US President added to bearish sentiment, with some market participants anticipating a potential return of Russian supply, together with as yet unclear decisions being made around German storage subsidies.
  
  
• Markets pushed heavily lower last week after an extended bullish run, as warmer weather forecasts and improved wind outlooks were factored in.
  
  
• Ceasefire talks around the Russia-Ukraine conflict facilitated by the US President added to bearish sentiment, with some market participants anticipating a potential return of Russian supply, together with as yet unclear decisions being made around German storage subsidies

Adjacent Markets

Oil prices closed lower on Friday, retracing gains seen earlier in the week on hopes of a Russia-Ukraine peace deal. However, losses were limited by ongoing fears of a trade war despite delays to US tariffs. The US dollar fell, while the bond market gained following the release of weak US retail sales data on Friday.