The price of natural gas has skyrocketed by 60 percent in Europe!
▶︎ At the important Dutch trading point “TTF” (Title Transfer Facility), a megawatt hour was temporarily traded for 345 euros on Monday – an increase of around 60 percent.
A possible market exclusion of Russian energy imports triggered panic buying on the stock exchange on Monday. Oil prices also went up. The price of Brent oil from the North Sea rose by almost 20 percent to a 13.5-year high of $139.13 a barrel.
“If the West blocks most of Russia’s energy exports, it would be a big shock to markets,” warns Ethan Harris, chief economist at Bank of America.
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The gas price had only an all-time high on Friday reached the mark of 200 euros per megawatt hour for the first time. Now the new shock high!
︎ So far, around 40 percent of Europe’s natural gas imports come from Russia. The Ukraine war is therefore also having an impact on the energy markets. Even before the Russian war of aggression in Ukraine, the price of gas had risen significantly in recent months – which had also pushed up consumer costs and the inflation rate in Germany.
FOR COMPARISON: At the end of 2021, for example, the price was around 148 euros per megawatt hour. According to comparison portals, the long-term average was between ten and 25 euros.
Now the shock price of over 300 euros!
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