The price of European gas futures is growing by over 27% on Tuesday, exceeding $2,150 per thousand cubic meters for the first time in history, according to data from the London-based ICE exchange.

The price of January futures on the Dutch index TTF opened the trading session on Tuesday near the $1,800 mark. As of 15:04 GMT, the price had risen to $2,187, which is 27% higher than Monday’s finish of $1,716.7.

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Earlier in the day, gas futures had already topped a record, reaching $2,004 per 1,000 cubic meters. Since autumn, Europe has been experiencing skyrocketing natural gas prices.

Gas futures surged to an at the time all-time high of $1,900 per thousand cubic meters in early October after the post-pandemic recovery in Europe spurred demand and a rush to fill gas storage ahead of the winter season.

Commodity markets are just like the other markets; built on nothing. If commodity traders had to take delivery of the commodity they are buying these inflated prices could not happen. Supply and demand is no longer part of the equation.

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As long as Russia is fulfilling its contract the EU has no one to blame but themselves and the US regime, who turned Nord Stream 2 into a political nightmare.

The brilliant tacticians in the EU have everything under control. First, rely too much on wind and solar, then let the storage’s go empty and then refuse to permit Nord Stream 2 to flow gas into Germany?

Sputnik / ABC Flash Point News 2021.

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Nota Snowflake
Nota Snowflake
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24-12-21 08:55

Governments themselves are the biggest players in energy futures and futures derivatives trading. It is an easy-peasy way to salt away hard-put-upon taxpayers’ precious earnings to fund the next war. The phony OPEC oil embargo routine of the Carter years was part of a similar shell game and those trading earnings ended up being put to set up the next three to five wars. Those earnings are also why 1977 was a banner year for military aircraft design. Every aircraft from the F-15 through the XF-23 and the A-10 were on the drawing boards then with defense industry reporters scratching… Read more »

Nota Snowflake
Nota Snowflake
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Reply to  Nota Snowflake
24-12-21 08:55

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4Justice
4Justice
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24-12-21 08:56

May I suggest a few more intelligent moves. Ask all citizens to open all their windows and turn the thermostat up all the way in their homes. Burn gas in open fields and ask people to come out and warm their hands up. Blow up all gas lines coming from Russia. Finally, offer the US to pay them 3 times the amount for LNG shipped all the way from the US. Maybe my ideas are too late, already thought of by these geniuses.