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.
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.
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.