The winter initially started with unsettled sentiment in the gas market. It now appears that gas stocks have a very favorable starting point after a relatively mild winter. Still, when filling the gas storages for next winter, we can basically no longer use Russian pipeline gas and it is also less likely that we can easily buy LNG contracts from China. With all these uncertainties, volatile price movements continue to lurk. Furthermore, the collapse of the US Silicon Valley Bank has caused oil prices to fall, but price risks look set to be mostly bullish in the medium term. Factors such as an expected growth in Chinese demand and a lack of exploration investment in the medium term contribute to this. Finally, we briefly mention the EU’s joint gas tender, the monitoring of the low-calorific gas market conversion and President Biden’s approval regarding oil drilling in Alaska.