It has been a turbulent week, with sharp fluctuations in temperatures, wind, and solar generation driving volatile day-ahead prices. Geopolitical uncertainty has added to the instability, and further market swings are expected. Ongoing ceasefire talks in Ukraine could trigger a rapid price drop if, for example, sanctions on Russia are lifted or Russian gas exports via Ukraine resume. Conversely, if the stalemate continues, price declines through spring and summer may be limited due to low European gas storage levels and a shortage of additional LNG cargoes. That said, prices should ease slightly in the coming weeks with the arrival of spring and significant year-on-year growth in solar generation across Europe, which will lower power prices and sharply reduce gas demand for electricity production. 

Brent remains steady week-on-week as a weak economic outlook and expected OPEC+ production increases weigh on prices, though geopolitical uncertainties may spur volatility. 

Goldman Sachs has lowered its year-end Brent forecast to $71 per barrel and expects a $65–$80 range in 2026, citing rising non-OPEC supply, ample OPEC+ spare capacity, and moderate demand growth.