We’re halfway through the year and it’s time to take stock of the state of the markets as we move into the second half. As predicted, gas and power prices continued to decline in the second quarter, although a minor but sudden rally in early June demonstrates that a lot of nervousness still remains. Although prices have come down considerably from their high point, the forward market is still at least twice as high as the pre-pandemic average. This briefing explains the events behind the market movements and looks forward to what might happen later on in the year.

Take a look at our Energy Outlook - 👉 Energy Outlook July 2023