European gas futures (TTF) expiring in November 2021 started running this morning, marking + 28.64% and the record price of 149.25 euros. It has been a very excited day for this commodity, previously at the center of an unprecedented economic and political tug-of-war. Here is the summary of the day reported by the editorial staff Actuality by ProiezionidiBorsa.
Ursula insists on renewables
“It must be clear that our future is renewable energy, not gas,” said Ursula von Der Leyen at the press conference following the EU-Balkans summit. The EU President explained that the Commission will deal with gas next Wednesday. During the pandemic, its price was lower than its average. “But now we are struggling with the rebound. The price of gas is skyrocketing while in Europe there is a storage problem to be addressed. Next week we will look at energy prices, ”he said upon his arrival in Slovenia. The second day of the summit between EU leaders and their counterparts from the Western Balkans took place at Brdo Castle. “Renewables offer stable prices and more independence”. The EU proposal will be discussed “in due course” at the summit of the leaders of the Twenty-seven, but in any case by 21-22 October in Brussels.
Commodities, the gas war ignites Wall Street, Brussels and Moscow
“90% of the gas used in the EU is imported, while we are the leader in the production of renewables in the European Union”, recalled the President. After a day of tension on prices, however, the soothing signals that were hoped for by Russian President Vladimir Putin have arrived. Russia would be ready to make its contribution to stabilizing the world energy market by exporting record quantities of natural gas. Russia would immediately increase supplies to Europe, including through Ukraine, to cope with the energy crisis. And it is ready to stabilize the market inflamed by the surge in prices.
Just the word (from Vladimir)
Commodities, the gas war ignites Wall Street, Brussels and Moscow. President Putin is also at the center of the limelight for another story, that of scandalo Pandora Papers. In making the announcement on Russian gas, he took the opportunity to hit the neighbors a few times. Specifying that the current crisis is also the result of the European strategy of suspending long-term contracts in favor of those spot. It is a move that, he stressed, “now he is presenting the bill”. Sales of Russian gas to Europe could hit a new all-time high this year. They will certainly exceed the volumes foreseen by Gazprom’s contract with Kiev. This statement reassured international operators. Within a few hours on all the main markets, the price of gas recorded a sharp decline, returning to the levels of two days ago. On the US market, the price of gas immediately dropped by 8%.
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