December 4, 2022

Taylor Daily Press

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Oil becomes more expensive again, gas cheaper

Oil becomes more expensive again, gas cheaper

The leading Dutch “TTF receiver” for gas with deliveries in April was down at around 10.55 a.m., down 7.75 percent to €143.81 per megawatt-hour. The day before, the price of gas had already fallen sharply to almost 156 euros. This week, price levels of up to 345 euros have already been observed.

The European Commission on Tuesday proposed plans to make the European Union less dependent on Russian natural gas in the long term. She added that it should be possible to reduce European demand for Russian gas by two-thirds by the end of this year. But gas traders point out that the EU is not talking about sanctions against Russian gas supplies.

Read also. If you drive on CNG, you drive twice as blue at the pump

Russian oil on tires

The price of oil will rise. After a statement from the Organization of Petroleum Exporting Countries, in which hopes of increasing production were dashed, European Brent crude oil rose 4 percent at 115.38 euros just before 10 am. Earlier today there was an increase of 5.75 percent. West Texas Intermediate crude rose 3.4 percent to $112.58 a barrel.

On Wednesday, the price of Brent crude fell by 13 percent and the price of West Texas Intermediate by 12 percent, and the markets had absorbed the decision of US President Joe Biden to restrict the import of Russian oil, it was said at the time.

Production Fee Reduction

Finance Minister Vincent van Bettieghem (CD&V) has called on his government partners to take a quick decision to curb rising energy prices. “I feel very supportive here in Parliament,” the minister said during questioning in parliament on Thursday. And it sounded startling: “I expect the same support from the government.”

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Seven groups questioned Deputy Prime Minister Van Bettieghem about the measures on the government’s table. Several speakers urged prompt action. “This is the screw I’ve been using for several months,” Van Bettieghem confirmed. “In November the prices were worrying, today they are unsustainable, and if we wait too long they will become unsustainable.”

He said the proposals were on the table. It’s about lowering production fees to the lowest level allowed by Europe, reforming the energy bill and lowering value-added tax. “We can and must make decisions as quickly as possible,” it sounded startling. He continued, because the high prices drain the budget of families. “Gasoline and diesel are not included in the axle indicator. The clock is ticking. People cannot postpone refueling. KB is ready.”

His colleague from Energie Tinne Van der Straeten (Green) confirmed that all measures are on the table and ready to make a decision. I already mentioned a global package, which includes affordability of bills and an acceleration of the energy transition, because this would make our country and our economy more resilient, says van der Straiten.