Al Mayadeen English

  • Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health: Seven Palestinians were injured by Israeli occupation gunfire east of Gaza Strip
Sources to Al Mayadeen: Israeli occupation prison administration transfers hunger-striking prisoner Kayed al-Fafsous to solitary confinement in Asqalan prison
Head of Crimea: Russian air defenses shot down cruise missiles over Crimea.
Sevastopol Governor: Another attack on city still possible.
Governor of Russia's Sevastopol: Headquarters of Russia's Black Sea fleet in Sevastopol comes under missile strike.
Chinese President: Beijing ready to develop cooperation with Syria and for joint defense of international justice amid instability.
Chinese President Xi Jinping while receiving his Syrian counterpart: China and Syria moving toward announcing strategic partnerships.
Algerian Foreign Minister: Africa's Sahel region has become a focal point for terrorist armies armed with the latest weapons, and in control of a large geographical region.
RSF leader Mohammed Hamdan Dagalo (Hemedti): The Rapid Support Forces in Sudan are fully ready for a ceasefire and comprehensive political talks
Israeli media: Meetings between Saudi and Israeli officials took place in the past few days regarding peace between the two sides

European gas prices surge to six-month peak

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Aug 2022 19:06

Europe braces itself for blackouts and cold winter as gas prices hit a new peak.

  • European gas prices surge to six-month peak.
    European gas prices surge to a six-month peak.

European gas prices hit a six-month high on Tuesday, compounding recession fears as the area faces rationing due to Russian supply disruptions caused by the war in Ukraine.

Meanwhile, oil prices continued losses a day after falling more than 5% on expectations that demand may fall owing to recessions or poor growth in big economies, such as China.

In Europe, the Dutch TTF natural gas reference price rose more than 10% at one time to more than 250 euros per megawatt hour, the highest level since the beginning of March, not long after the war in Ukraine.

Read next: Gazprom: Gas prices for Europe could reach $4,000 this winter

"Energy prices are soaring in Europe," said market analyst Fawad Razaqzada at City Index and FOREX.com.

"Reduced Russian energy shipments of around only 20 percent of capacity through the Nord Stream 1 pipeline have increased the risk of rationing in the coming months," he added.

Rising gas prices would almost surely plunge European economies into recession, cutting demand for other commodities, such as oil.

"A slick of worry is growing about the darkening prospects for global growth as economies slow around the world, pushing down oil prices in expectation of lower demand," noted Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

Read next: Gas prices in Europe Increased 6x year-on-year in June

Signs that Iran is nearing a nuclear deal added to the downward pressure on prices, with an agreement expected to allow the country to resume global oil supplies.

Analysts believe Tehran would deliver 2.5 million barrels per day, delivering a much-needed boost to supplies that have been impacted by sanctions imposed on Russia.

Libya has also raised output, prompting prices to slump to six-month lows and erasing gains gained before the Ukraine conflict. Analysts, however, warned that, given the upcoming US elections, an agreement with Iran could still be a long way off.

"A deal with Iran would likely not be popular with US voters and so is hard to envisage before the November mid-terms," said National Australia Bank's Ray Attrill.  

"Markets are currently prone to optimism, though, and hopes for a deal... have added to downward pressure on oil prices." 

Related News

Rich countries breach climate promises, increase fossil fuel spending

Over half of UK houses did not turn on heating during winter: Study

Read next: Millions to face unaffordable energy bills this winter in Germany

Key figures at around 1330 GMT 

West Texas Intermediate: DOWN 0.2 percent at $89.28 per barrel

Brent North Sea crude: DOWN 0.3 percent at $94.78 per barrel

London - FTSE 100: UP 0.5 percent at 7,546.48 points

Frankfurt - DAX: UP 0.3 percent at 13,855.05

Paris - CAC 40: UP 0.1 percent at 6,577.35

EURO STOXX 50: UP 0.1 percent at 3,793.94

New York - Dow: UP less than 0.1 percent at 33,942.48

Tokyo - Nikkei 225: FLAT at 28,868.91 (close)

Hong Kong - Hang Seng Index: DOWN 1.1 percent at 19,830.52 (close)

Shanghai - Composite: UP 0.1 percent at 3,277.88 (close)

Euro/dollar: DOWN at $1.0157 from $1.0166 Monday

Pound/dollar: UP at $1.2057 from $1.2055 

Euro/pound: DOWN at 84.25 pence from 84.29 pence

Dollar/yen: UP at 134.49 yen from 133.33 yen

  • Energy crisis
  • Europe
  • Russia
  • Gas prices

Most Read

Ukrainian soldiers ride an APC on the front line near Bakhmut, in the Donetsk region, on June 5, 2023 (AP)

US sees Ukrainian army demoralized, no chance to win: Seymour Hersh

  • Europe
  • 21 Sep 2023
Ukraine lost around 85% of its initial mobilized force: Field general

Ukraine lost around 85% of its initial mobilized force: Field general

  • Europe
  • 16 Sep 2023
'Israel's' railroad network targeted by cyberattack: Israeli media

'Israel's' railroad network targeted by cyberattack: Israeli media

  • Palestine
  • 16 Sep 2023
Old habits, linger … linger well past the time when old rituals (an Israeli PM visit to the Oval Office) had agency and the world hung on the outcome. (Al Mayadeen English; Illustrated by Arwa Makki)

Will a tripartite US-Saudi-Israeli ‘Deal’ make Any difference?

  • Opinion
  • 16 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
CAR leader blames West's 'plundering' of Africa for migrant crisis
Africa

West's pillage of Africa natural resources behind migrant crisis: CAR

US to strengthen border control with 800 additional troops.
US & Canada

US to fortify southern border control with 800 additional troops

French politican calls for stopping weapon shipments to Kiev
Europe

French politician demands no more weapons shipments to Kiev

France and Germany at odds once again over US arms
Europe

US arms purchases has France, Germany at odds, again

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS