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Downside risks materialise

June was a relatively quiet month for energy markets. However, since the start of July oil prices have tanked as worries about demand, prompted by crisis in Greece and China, and signs of improving supply weighed on sentiment.Indeed, we have been flagging up exactly these risks for some time now. In contrast, prices of gas and coal in Europe were relatively unmoved by the latest flare-up in tensions between Russia and Ukraine over gas sales and pricing.

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