Price of Gas in Europe Has Risen Above $1,100 Per Thousand Cubic Meters
OREANDA-NEWS The price of gas in Europe during stock trading for the first time since December 27, 2021 has risen above $1,100 per thousand cubic meters, according to data from the London ICE exchange. The total increase in the cost of gas since the beginning of the trading day was 19.4%. The price of the February futures on the TTF hub in the Netherlands rose to $1,102 per thousand cubic meters, or €94.3 per megawatt hour.
Earlier, The Times suggested that Russia could use it's natural resources as a «weapon» and cut gas supplies to Europe if the West imposes sanctions due to the escalation in Ukraine. Such a development is feared by UK government officials: according to them, the country may face record prices for gas and gasoline.
Other European countries, according to the media, depend on Russian supplies much more. Thus, about 40% of the total volume of Russian supplies fall on Germany, and Sweden and Finland depend on them almost completely. Thus, according to the interlocutors of the Times, the current situation is connected with high global fuel prices, and not with the reliability of supplies.
Meanwhile, Igor Yushkov, a leading expert of the National Energy Security Fund, said that Europe will remain without Russian gas in the event of such sanctions from the West, because of which countries will lose the opportunity to cooperate with Gazprom, and it is very dangerous for Europeans to get carried away with sanctions.