The increase in gas prices, which will also affect electricity prices, is 29%, while the barrel of Brent has reached its highest value since July 2014.
The Russian-initiated military operation in Ukraine has caused oil and gas prices to spike. The natural gas price TTF for delivery in March in the Dutch market has shot up 29% and exceeds 100 euros per megawatt hour (MWh). On the other hand, the price of Brent Crude for delivery in April it was above 102 dollars this Thursday, 5% more than the day before and its highest value since July 2014.
Russia is the second largest oil exporter after Saudi Arabia, but also the largest producer of natural gas.
Natural gas cost 113 euros per MWh at 08:30 GMT, which is 29.14% more than yesterday, although at the start of trading it reached 118 euros. This raw material, which did not exceed 100 euros during the session since last January 7, accumulates an increase of 52% this week. It reached its historical maximum (180 euros per MWh) at the end of 2021, when the tension was already evident.
In addition to the impact on industry and households that use it for heating and other services, the increase in natural gas prices is the cause of the rise in electricity in wholesale markets throughout Europe.
For its part, the price of Brent has marked a peak of 102.48 dollars shortly before 06:00 GMT. Black gold has been rising steadily for several days.
Analysts believe that the escalation in prices will continue as the war in Ukraine grows, although the sanctions that the Western powers may announce will be key to gauge how far the rise can go.
Source: Eitb
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