Natural gas prices soar in Europe amid Russo-Ukraine war

Economy

Published: 2022-03-02 14:15

Last Updated: 2023-02-07 06:21


Natural gas prices soar in Europe amid Russo-Ukraine war
Natural gas prices soar in Europe amid Russo-Ukraine war

Natural gas prices rose by seven percent Wednesday in Europe as future prices were traded above USD 1,500 per thousand cubic meters.

Gas futures prices in TTF in the Netherlands rose by 7.7 percent to reach USD 1,503.5 per thousand cubic meters.

These price hikes are the results of sanctions imposed on Russian entities by the United States, the UK, and the European Union amid the Russo-Ukrainian war.

The spokesperson of Gazprom, a Russian-based multinational energy corporation, said that pumping gas to Europe through Ukraine will carry on.

The statement aims to assure markets that are concerned with the supply of natural gas due to the situation in Ukraine.

The spokesperson added that around 109.4 million cubic meters of gas will be pumped to European countries through the Ukrainian territories and the amount of gas that is being supplied is based on the demand of the European consumers.