Russia is to guarantee an increase in supplies to Europe, which is causing a sell-off on the energy markets
President Vladimir Putin said today that Russia is prepared to stabilize the global energy market. Thus, Russia intends to increase gas exports to Europe and reach new historic heights. Gas prices in Europe are falling significantly. Today, prices rose by as much as 40%, reaching the level of £ 400 per contract (1 MWh) with a price of around €114 for a delivery in the Netherlands. However, prices in the UK are currently falling and are trading around £ 270.
Gas prices in the UK and the EU today experience increased volatility. Source: ICE
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Open account Try demo Download mobile app Download mobile appOf course, US gas and oil prices are also responding to this news. The gas price set new local highs (after breaking above highs from 2014), the price in the US today pulled back by almost 9%, erasing yesterday's gains. The price of crude oil decreases by approx. 1.5%.
Are we dealing with a similar situation as in 2014? At that time, however, the decline began in February with a series of ever lower rollovers due to the decreasing demand. Currently, we are just before the heating season. Source: xStation5
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