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European Energy Market Highlights:

• European gas and power prices continue to increase as market players are fearing that Russia won’t restore the gas flows after the planned maintenance of Nord Steam which is due to end on the 21^st of June.
• Coal prices increased too following the gas market direction and several floods were reported in Australia, the world’s second-largest coal exporter after Indonesia.
• Nevertheless, the gas stocks in Europe continued to rise to 63% capacity this week despite the complete shot down of Russian Nord Stream pipeline.
• EU energy ministers will meet on the 26^th of July to discuss how the bloc will cope with the Russian gas crisis in the coming winter. Some except that a power/gas market price cap can be implemented at the EU-wide level.
• Overall, the market price outlook still remains bullish. This week, all eyes will be on Russian gas pipeline flows and the restart of Nord Stream 1. Also, there can be some short-term price reliefs coming from the technical picture as traders may try to take out their profits.

To read the prior week’s European Energy Market Update, please follow the link here.

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