Europe Energy Traders Brace for 21-Hour Day as Volatility Surges
Despite the turbulence, many energy traders say the change is a logical next step for a market transformed by Russia’s invasion of Ukraine.
Photographer: Akos Stiller/BloombergEuropean gas and power markets, once a niche corner of global energy trading, are in for a major change next week: Hours will more than double to 21 from 10, ending the narrow daytime window that has been the norm for years.
The permanent expansion, announced several months ago, comes at a particularly volatile time as war in the Middle East drives sharp price swings. Even after the recent ceasefire announcement, contracts for European gas remain almost 40% above pre-conflict levels. With traders glued to their screens, preparations for the new 21-hour trading day have lagged. Some firms are taking a wait-and-see approach on whether to hire more staff or reorganize their desks.