LAST UPDATE 15:11
Both crude and natural gas prices are rising again.
In particular, oil prices are rising again as falling US stocks have raised concerns about supply in the midst of a blow to Russian exports from economic sanctions.
Brent crude was up $ 3.89, or 3.37%, at $ 119.47 a barrel, after falling 14 cents in the previous session.
Similarly, the US WTI sees its price rise by $ 3.64 or 3.3% to $ 112.88 a barrel, after losing 36 cents on Tuesday.
The market is affected by the prospect of further sanctions on Russia, the world’s second-largest crude exporter after its invasion of Ukraine.
Prices fell on Tuesday as the European Union appeared reluctant to agree to a ban on Russian oil.
However, US President Biden is expected to announce more sanctions on Russia when he meets with European leaders on Thursday in Brussels.
“We expect continued high volatility over the rest of the week, and especially close to Thursday’s NATO summit,” said Vanda Insights analysts.
They argue that there could be a relief for the market if the EU abandons the idea of ​​banning Russian oil imports. They say supply concerns remain high as long as Russia-Ukraine peace talks are deadlocked.
Gas is also on the rise
Gas prices rose again today, following the stabilization trends of the previous days, which came under pressure, especially after the Russian president said he would ask for payments in rubles from “enemy countries”.
Specifically, the price of the European gas contract in Amsterdam (TTF) stands at 115 euros per megawatt hour with an increase of 16.4%, while at the high of the day it had reached 118.75 euros.
During the day, Vladimir Putin said that Russia intends to turn to the ruble in trade for the sale of gas to unfriendly countries, but said that supplies will continue in accordance with existing contracts.
The Russian president also said that the Central Bank was given a week to find a solution to transfer these companies in rubles, while the “friendly countries” were the United States, the United Kingdom and EU members.
Source: Capital
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