Gas prices spike globally after Russia's decisions

Economies.com
2022-07-27 12:33PM UTC

Natural gas prices spiked to fresh record highs in Europe, with US futures hit 14-year highs after a decision by Russia to cut natural gas supplies to Europe. 

 

Gas Prices

 

European natural gas prices surpassed $56 per million British thermal units, equating $324 a barrel.

 

Russian Decision

 

Russia's state-owned oil company Gazproom cut down supplies to Europe to nearly 20% of some major pipes capacity. 

 

It was an expected decision as Moscow continues to use energy supplies as weapons against Europe. 

 

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European Suggestions 

 

The European Commission proposed that members cut down their natural gas use by 15% to ameliorate the situation.

 

Europe depended on Russia for 40% of supplies before the latest invasion of Ukraine. 

 

US Gas

 

Similarly, US natural gas futures spiked to 14-year highs yesterday as demand increases and global coal prices spike and temperatures rise as well.

 

It's expected that prices will rise by 70% in July, breaking September 2009 record of a 63% profit. 

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