Gas Prices in Europe are Up by 35%

News Report

The price of natural gas in Europe had risen by 35% at the start of trading on Monday amid the Russia-Ukraine military conflict.

According to data from the London Stock Exchange (ICE), gas prices have witnessed a hike of 35%.
Higher energy prices are being driven by supply concerns as a result of sanctions imposed on Russia as a result of the Ukraine conflict.

According to a report, Russia supplies roughly 40% of the continent’s gas.

April futures at the TTF hub in the Netherlands jumped to $1,454 per 1,000 cubic meters.

The price increase coincides with the imposition of broad anti-Russia sanctions by the United States, the European Union, the United Kingdom, and several other countries last week in response to Moscow’s special “demilitarisation” operation in Ukraine, which the West regards as an act of aggression.

Russia to lay a gas pipeline from Kazakhstan to Pakistan

To add fuel to the fire, UK oil and gas behemoth BP announced on Monday that was leaving Russian energy behemoth Rosneft, also in protest of the Ukrainian operation.

Analysts fear that the situation will disrupt the Russian gas supply to the global market.

Gazprom continues gas supply to Europe

Meanwhile, Russia’s largest gas exporter, Gazprom, said on Monday that it is continuing with its regular gas supply for transit to Europe via the Yamal-Europe pipeline, a portion of which runs through Ukrainian territory.

In the current situation, Europe may face another crisis of gas supply from Russia.

All European countries were protesting over the Russian attack on Ukraine, and some of the countries had proposed strict sanctions.

Russia is a major supplier of natural gas to Europe.

In addition to gas prices, oil-importing countries will also suffer a setback on account of higher prices of petroleum products if the crisis continues.

Pakistan is also a net importer of oil and also imports LNG from Qatar.

She also imports some LNG cargoes on a spot basis. Pakistan was already facing higher oil prices that had touched a record-high mark.