There is no end to the price rally in electricity, gas, oil

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By Harry Floudopoulos

The stock market price of natural gas recorded a new historical record yesterday, with the result that the prices of electricity are being pushed upwards throughout Europe and Greece. At the same time, the price of oil last week showed the largest fluctuation historically as from the level of 100 dollars in a few days the price of brent reached up to 119.77 dollars per barrel, which is the highest price since 2013.

Behind the rally, of course, are concerns about the possible impact on Russia’s energy markets of a halt to the flow of Russian oil and gas exports. It is noted that Russian oil exports account for more than 10% of world supply, while gas exports account for 20%.

In terms of natural gas yesterday the price of TTF reached up to 212 euros / MWh to reach 204.14 euros / MWh. As a result, for today the prices of electricity have gone well over 300 euros throughout Europe. The highest price is recorded in Spain and Portugal with 366.55 euros / MWh, followed by Switzerland with 362.67 euros / MWh, Italy with 362.36 euros / MWh, Croatia and Slovenia with 360.15 euros / MWh , Belgium with 359.57. In the Greek market the price will be at 344.74 euros / MWh, in Bulgaria 339.19 euros / MWh, Romania 350.30 euros / MWh and Serbia 335.3 euros / MWh.

It is worth noting that in the first four days of March the average price of the month is 299.81 euros / MWh, when in February the average price was 211.71 euros / MWh and in January at 227.3 euros / MWh. This practically means that if the same prices continue in the wholesale trade we will have significant increases in the floating retail tariffs, for the consumers.

Finally, as for the price of oil, yesterday the price of brent closed at 115.15 dollars per barrel, at the same time that the rally of gasoline prices continues in the domestic market. Specifically, according to data from the Ministry of Development, on Thursday the average price of unleaded 95 octane was 1,944 euros / liter, diesel at 1,685 euros / liter and heating oil at 1,341 euros / liter. That is, compared to the beginning of February, consumers pay for gas by 10 cents per liter more expensive (1.84 euros per liter on February 4).

Source: Capital

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