Gas on European market up more than 30 percent, oil quotations grow

LNG Terminal in Swinoujscie

Gas contracts on the Dutch hub TTF rose more than 30 percent in the first minutes of trading Thursday compared to Wednesday. Brent crude oil rose more than 6 percent on Thursday.

Gas contracts for March 2022 delivery on TTF rose to more than €115 per MWh in the first trading minutes after Russia’s aggression against Ukraine, up from less than €90 per MWh on Wednesday evening. This represents an increase of more than 31 percent.

Contracts with delivery in April and May became even more expensive: to 117 and almost 119 euros per MWh respectively, which translates into 33-35 per cent increases compared to Wednesday quotations.

Brent crude oil prices have already increased by over 6 per cent since midnight on Thursday, with the price of a barrel reaching almost 103 dollars. The increase to the level of 97 dollars per barrel, i.e. by over 5.8 per cent, was also recorded by the American oil WTI.

In the night from Wednesday to Thursday, Russian President Vladimir Putin announced the start of a “special military operation”. Moments later, Russian troops attacked Ukraine from all sides.




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