Gas prices in Europe jumped on Thursday after US warnings of an imminent Russian attack on Ukraine intensified, although Moscow insists it has no plans to invade its neighboring country.
US Secretary of State Anthony Blinken described from the UN Security Council a whole possible plan by Russia on how to justify and carry out an invasion of Ukraine, but at the same time suggested a meeting with him next week. His Russian counterpart, Sergei Lavrov, on European soil, creating a modest optimism that there could be a diplomatic outlet.
The reference price for natural gas in Europe closed with a rise of 7.3%, after two days of falling, after the warning of US President Joe Biden for a “very big” threat of Russian invasion in an immediate time.
Russia insists it will not invade, but said it was not satisfied with the US response to its demands for new security agreements and threatened to use “military-technical” means.
Markets around the world are moving nervously in every “turn” of the West-Russia confrontation, while at the same time the leaders of the “27” of the European Union approved a package of possible sanctions against Moscow.
“The geopolitical situation remains a key issue for gas markets,” said Christopher Louney, chief commodities strategist at RBC Capital Markets.
The Dutch benchmark contract for European gas has been strengthened by 8.9% before finally closing in + 7.3%στα 74,914 euros per megawatt hour. The corresponding contract for Britain closed at + 7.6%, while the futures of German electricity went up to gain up to 5.2%.
Source: Capital
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