Gas price soars due to doubts about its supply

Doubts about the supply of natural gas what Russia sends to Europe caused its price to shoot up 11.03% on Thursday, ending at 1,097 pounds sterling per million British thermal units, due to the Kremlin’s request that it seeks to be paid for shipments of this raw material in rubles.

With this increase, natural gas had two consecutive sessions on the rise, accumulating a 13.94% growth in its price.

Despite the foregoing, the prices of said hydrocarbon showed a decline of 7.42% since February 24, the day the war between Russia and Ukraine broke out, to date, however, so far in 2022 they have registered an increase of 15.74 percent.

Similarly, the prices in the international oil market closed this Thursday’s operations with gains, which were led by the North Sea Brentwith an increase of 1.43% at a level of 108.33 dollars a barrel.

the price of the Mexican export mix also ended with an advance of 1.43%, standing at 101.68 dollars per barrel, while the New York benchmark, the West Texas Intermediate (WTI), ended at 103.79 dollars per unit, with a growth of 1.01% intraday.

These increases in the price of oil were a reflection of the markets’ concerns about the reduction in supply due to the closure of oil fields in Libya, as a result of a confrontation between Russia and Ukraine.

Specialists consulted by Reuters, point out that market volatility is likely to increase again soon, since the European Union continues to consider banning Russian oil due to its invasion of Ukraine, described by Moscow as a “special military operation”.

Since the geopolitical conflict between these two nations began, the prices that have shown the greatest increase have been those of the Mexican mixture with 14.85%, followed by WTI, which increased 12.57%, and Brent advanced 11.95 percent.

(With information from Reuters.)


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