The price of natural gas in Europe has risen sharply. This is because US President Joe Biden has threatened to impose tough sanctions on Russia, which supplies gas. Washington fears the Russians are preparing for an invasion of Ukraine.
At the leading Dutch gas exchange, gas prices rose 7 percent at 3pm to 96.07 euros per megawatt hour. In early October, gas prices soared to more than 160 euros due to higher demand for natural gas.
Russian President Vladimir Putin last month promised to supply more gas to Europe. Gazprom has not started it yet. Inventory is now less than normal. Gazprom has repeatedly stated that it will maintain its distribution obligations to Europe.
Moscow has repeatedly stated that it could supply more gas to Europe if the Nort Stream 2 pipeline were allowed for use. The pipeline has been completed, but certification from national authorities is still pending. Brussels still disagrees. Experts estimate that it could take months for gas to reach North Stream 2.
Crude oil prices are also on the rise. There is hope in the markets that the Omigron variant of the corona virus may prove less severe than feared, so the demand for oil will be higher.
The price of a barrel of North Sea type Brent oil – a reference for our region – rose 3.89 percent to $ 75.92 on Tuesday. For a barrel of US WTI oil, it rose 4.4 percent to $ 72.55.
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