Gas prices down 58% in 2 weeks
Gas prices in Europe. Source: Trading Economics |
Gas price on the Dutch TTF exchange on March 21 was 96.3 euros/mwh, down 8.3% compared to the closing session last week. Since March 7, when the price peaked at 227 euros/mwh, the price of this item fell by nearly 58%.
The price of gas in the UK was 225 British cents/therm, down 8.4% compared to the last session of last week. Compared to the peak on March 7 with 539 British cents/therm, the price of this commodity decreased by more than 58%.
The gas market cools down after the news that there will be more agreements on supply. Germany and Qatar have signed a long-term energy cooperation agreement, as Europe’s largest economy is looking to reduce its dependence on energy supplies from Russia because Moscow is already a major gas supplier. best for Germany. Since the outbreak of hostilities in Ukraine, German Economy Minister Robert Habeck has launched a number of initiatives to reduce dependence on energy from Russia.
Habeck arrived in Qatar and met with King Sheikh Tamim bin Hamad al-Thani on March 20. The two sides discussed ways to strengthen ties, especially in the energy sector. A spokesman for the German Economy Ministry in Berlin confirmed the agreement had been signed.
In addition, Russia’s Gazprom said it would continue to supply gas to Europe through Ukraine at the request of customers from the continent.
Coal price also decreased by 1.5% compared to the last session of last week and traded at 329.4 USD/ton. From the peak price set on March 7 with 420 USD/ton, the price of this item decreased by more than 27%.
Meanwhile, oil prices on March 21 increased again. Brent oil futures rose $7.69, or 7.12%, to $115.62 a barrel. WTI oil futures rose $7.42, or 7.09%, to $112.12 a barrel. The reason is that the governments of the European Union (EU) countries will consider whether to embargo Russia’s oil in response to its military operation in Ukraine when they meet with the United States this week to discuss how. further strengthen the Western response to Moscow.
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