Gas prices are gaining ground after two days of losses as the US and Europe reject Russian claims of troops withdrawing from the border with Ukraine.
The US government has said that Moscow, instead of withdrawing its troops as it claims, seems to have added up to 7,000 troops to the area, which Moscow has denied.
Tensions in Eastern Europe will be discussed at an emergency summit of EU leaders. while the Foreign Ministers of the Group of Seven (G7) will meet on Saturday in Munich.
“Geopolitical developments remain an increasingly important factor in the gas markets,” Christopher Louney, commodity strategist at RBC Capital Markets, said in an analysis, according to Bloomberg. “Concerns about the Ukraine crisis, tensions and dangers remain high and the danger has by no means passed,” he added.
European gas contracts were found earlier to jump almost 9% and are currently earning 7% at 74.69 euros per megawatt hour. The corresponding British strengthened by 7.4%.
Oil prices are falling
Oil prices fell on Thursday as talks on reviving a nuclear deal with Iran entered their final phase, although losses remained subdued amid Russia’s growing tensions with the West over Ukraine.
In particular, Brent lost $ 1.26 or 1.3% at $ 93.55 a barrel, while WTI fell $ 1.34 or 1.4% to $ 92.32 a barrel. Both contracts were found to lose more than 2% earlier today.
“The market is trapped in a tug-of-war between tensions in Ukraine and the relief it will provide. [στην προσφορά] the easing of sanctions against Iran “, commented Stephen Brennock of PVM Oil, as broadcast by Reuters.
The United States is in “the final stages” of indirect talks with Iran aimed at rescuing the 2015 deal to curb Tehran’s nuclear activities, a State Department spokesman said Wednesday.
With an agreement now possible, South Korea announced on Wednesday that it had begun talks on resuming Iranian oil imports and thawing Iranian capital. South Korea used to be one of the largest buyers of oil from Iran.
Source: Capital

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