Europe: Every gas barrier breaks, temporarily exceeds 330 euros – Up to 79% increase

LAST UPDATE: 11.57

Gas prices hit a record high earlier in the morning in Europe after reports that the US was in intense talks with its European partners imposing an energy embargo on Russian hydrocarbons, mainly oil, sparked international fears of supply in commodity markets. .

Reference prices for gas in Europe have even risen 79%στα 345 eurosin a frantic rally fueled by the Russian invasion of Ukraine and the subsequent sanctions imposed on Moscow by Western governments.

The Dutch gas contractEuropean reference point, at 11.51 Greek time, reached 256 euros (+ 33%) per megawatt hour, while the corresponding British contract reached an increase of up to 74%. The price of electricity in Germany is rising 60%at an unprecedented height of 675 euros the megawatt hour.

Russian gas exports, which account for a third of Europe’s imports, are not currently subject to sanctions, with deliveries remaining stable for the time being by Russian energy giant Gazprom.

U.S. House Speaker Nancy Pelosi said in a note to U.S. lawmakers on Sunday that strong legislation banning the import of Russian oil and other energy products into the United States was being considered in a bid to cut Russia off. economy.

Any cut-off of Europe from Russian gas would require “extreme” measures by European governments and the energy sector in order to ensure a smooth supply for consumers and businesses, said the head of the French Engie.

“I have no words,” said Ole Hansen, head of commodity strategy at Saxo Bank.