December 1, 2022

Taylor Daily Press

Complete News World

Stock markets fall, oil, gas and electricity prices rise: the feeling of war is growing

Stock markets fall, oil, gas and electricity prices rise: the feeling of war is growing

Let’s start with the stock market. European stock markets started the new week with heavy losses on Monday. Uncertainty over the economic impact of the war in Ukraine continues to weigh on sentiment, with the latest component being reports that the United States is considering a boycott of Russian oil and gas.

In Brussels, the Bel20 star index posted a loss of about 2.5 percent a few minutes after the stock market opened, clearly dropping below 3,700 points. The loss soon deepened to more than 4 percent. Over the past week, Bel20 lost a total of more than 7 percent, closing below 3,800 points for the first time in a year.

Read also. “Enough gas”, yet energy prices break all records: “I am no longer afraid of anything”

Markets elsewhere in Europe also opened negatively: Frankfurt started with a loss of 3.67 percent, Paris fell by 2.88 percent and Milan fell by 2.45 percent. In London, the loss was limited to 1 per cent in the first minutes of trading. Asian stock markets were previously closed in the red. On the Tokyo Stock Exchange, the Nikkei lost about 3 percent on Monday.

oil

The war also has a clear impact on oil prices. These problems have increased amid fears of possible additional Western sanctions against Russia. The price of a barrel of North Sea Brent oil rose by about 18 percent to $139.13. This means that the record price of $150 a barrel from the summer of 2008 was not that far away. After that, the price fell again somewhat, to around $130 per barrel (+11 percent).

See also  BioNTech is working on an adapted vaccine: 'No time to waste...

The price of a barrel of West Texas Intermediate (WTI) oil rose above $130 a barrel for the first time since 2008. After that, the price fell again a bit, to $126 a barrel (+9 percent). It was US Secretary of State Anthony Blinken who suggested additional sanctions against CNN.

gas and electricity

Another bullish: European gas price. After on Friday and for the first time more than €200 per MWh was paid for natural gas in Europe, the €300 per MWh limit was already broken on Monday morning. On the Dutch futures market – the benchmark for Europe – the price has risen to 311 euros per megawatt-hour.

Electricity prices are also rising to new record levels. In the futures market, the price of German electricity for delivery next month rose 54 percent to an unprecedented 650 euros per megawatt-hour.

Read also. “Putin has already mistakenly revealed his true purpose in a press release sent out too soon”: Professor David Krickemans offers new insights

Read also. The photo that shows the disastrous consequences of Putin’s plan B

Read also. Why won’t the Russians stop bombing until they take the famous Odessa