Very sharp increase in natural gas prices
With the start of Russia’s military action against Ukraine, there has been a very sharp increase of 35% in natural gas prices in Europe. Oil and gold, as well as natural gas prices, rose very sharply as Russia launched its invasion operation against Ukraine.
The price of a barrel of Brent oil saw $ 102 today, while prices for March futures contracts at the Netherlands-based virtual natural gas trading point TTF, which has the most depth in Europe, rose by 35 percent this morning to 120 euros. In February 2021, this figure was at the level of 17 euros, and at the level of 166 euros in December 2021.
The price increase in April term contracts exceeded 37 percent and reached 121 euros.
The TTF price of 120 euros means that the price of one thousand cubic meters of gas will be 1277 euros (1436 dollars).
Gas prices have risen since Germany announced that it had suspended the licensing process for the Nord Stream 2 project to transport Russian gas two days ago, Russian Vice-President of the Security Council and former President Medvedev said on Twitter after Germany’s decision, “Welcome to the new world where Europeans will pay 2000 euros for natural gas.”
