The price of this item in Europe is 87.6 euros/mwh ($92/mwh), up 5% from the previous day.
Gas prices in the UK. Source: Trading Economics
Since June 8, when the gas station explosion in the US occurred, prices in the UK increased by 22% and in Europe by 10%.
The fire in the US caused the station to be shut down for at least three weeks and affected US gas exports. The gas station supplies about 2 billion cubic feet of natural gas per day, or 16% of U.S. exports.
In a new development, yesterday, the Ukrainian government put domestically produced gas on the list of goods banned from export during the conflict. The resolution states that the decision to ban the export of the above item is related to Russia’s special military operation and the state of martial law in this Eastern European country. The fire incident and developments surrounding the war in Ukraine affected gas supplies.
Gas prices in the US also inched up 0.5% from the previous day to 8.7 USD/MMBtu. The explosion on June 8 and the weather is forecasted to be hotter, causing the consumption of cooling electricity to increase, pushing up the price of this facet.
Meanwhile, coal futures in Australia, another commodity in the energy group, fell 0.5% to 390 USD/ton, the lowest in a month. Coal prices fell because of large inventories and falling demand because of the re-emergence of Covid-19 in China.
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