New increase of 5.2% for natural gas

Gas prices continue to rise today in the wake of the “freeze” of the Nord Stream 2 pipeline, with Germany declaring that it can do without Russian flows.

In particular, after yesterday’s jump that sent the price of gas above 80 euros per megawatt hour, today the European benchmark, the March contract of the Dutch node (TTF), moves with a new rise of 5.2% and trades at 84 euros the megawatt hour.

It is recalled that yesterday, in the context of the reactions to the Russian moves in Ukraine, with the recognition by President Putin of the separatist “democracies” of Donbass and the sending of troops to the region, the German Chancellor Olaf Soltz informed that he “froze” the Russian Nord Stream pipeline 2.

For his part today, Finance Minister Robert Habeck said that “the possibility of Germany getting enough natural gas and resources other than Russian gas imports is real.”

However, he said that the “freezing” of the certification of the Nord Stream 2 pipeline does not mean that the pipeline is permanently out of plans.

It is noted, however, that at this stage Germany relies on Russian Gazprom for more than half of its gas needs, while its second largest supplier, Norway, has stated that it is operating to its full potential.

At the same time, small de-escalation pressures are emerging in the oil markets, with investors on hold as there is no substantial development in the Ukrainian crisis.

In particular, after yesterday’s jump to new highs of almost 8 years, the April contract of Brent moves with small losses of 0.7% or $ 0.66 and trades at $ 96.18 a barrel.

In the same climate, the US WTI in April fell by 0.8% or $ 0.75, with its price at $ 91.16 a barrel.