Mad March: energy in a time of war

Chaos continues in the UK gas and power markets. Continued conflict in the Middle East is driving instability in global energy markets, with major energy facilities damaged. The Strait of Hormuz was impassable for much of March, resulting in unprecedented market volatility and increasingly constrained LNG gas supply globally. Ongoing negotiations have provided some relief in the markets. UK gas prices have doubled since the outbreak of the conflict, impacting all contracts and establishing a new price range.