2023-06-26 09:42:00
The price of natural gas in Europe jumped 13% on Monday, following the brief rebellion by the paramilitary group Wagner last weekend, which added a layer of jitters to supply fears in an already volatile market.
In one month, the price of natural gas in Europe has increased by 30%. According to the Dutch TTF futures contract, considered the European benchmark, the price of natural gas climbed more than 13% to almost 37 euros per megawatt hour.
“Russian geopolitical risk is now considerably higher than before the weekend,” said Tom Marzec-Manser, an analyst at the ICIS news desk in London. Although reliance on Russian gas in Europe has decreased significantly, the Russians remain a major supplier of liquefied natural gas (LNG).
The ruble, the Russian currency, crumbled on Monday morning against the dollar, reaching its lowest level in 15 months. This year, the ruble has already lost almost 13% of its value against the US dollar.
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