Natural Gas prices in Europe went extreme!

Natural gas prices in Europe rose on Monday, by 34%, in light of investors’ fears that natural gas supplies from Russia to Europe will be affected by the situation related to Ukraine.

The price of a barrel of “West Texas Intermediate” rises by more than 6%, and Brent is more than 5% due to the events in Ukraine, and gas futures contracts jumped at the beginning of trading by 34% to 1454 dollars per thousand cubic meters of gas.

The Russian news agency TASS reported that the rise in gas prices came after the United States, the European Union, and the United Kingdom, along with other countries, imposed sanctions on Russia after Moscow launched a special military-security operation in Ukraine.

On the other hand, data indicated that last Saturday, Poland sharply increased the pumping of natural gas to underground storage facilities, against the background of the resumption of direct pumping through the Yamal-Europe gas pipeline (a path to pump natural gas from Russia to Europe via Belarus and Poland).

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