The rise in prices on the wholesale market for electricity and natural gas is not showing any sign of slowing and grew a further 10% on Tuesday morning.
The European gas price broke the €100/MWh (megawatt hour) barrier on Tuesday, and the Dutch TTF-Future – a reference price for natural gas, rose 10% to €106/MWh, reports the Belga News Agency.
Market volatility is even greater on the electricity market with electricity for delivery in November rising to €255/MWh, an increase of more than 10%.
There is "blind panic" among traders, Matthias Detremmerie of supplier Elindus told Belga. The complex situation in the energy market has been causing record prices for weeks.
On Monday, it was announced that the gas pipeline Nord Stream 2, which runs from Russia to Germany, was filled with natural gas for the first time. However, this was only a test; the pipeline's entry into operation is not yet known.
The price of heating oil (gas oil heating 50S) has also climbed to the highest level in almost three years: the maximum price – for an order of 2,000 litres – will increase by 2 cents to €0.75 per litre tomorrow, reports the Federal Public Economy Service.
Not since 5 November 2018 has the price per litre passed the €0.75 mark. In April last year, a litre cost €0.32.
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Worldwide demand for crude oil, petrol and diesel are high due, buoyed by the economic recovery seen as developed countries have managed to control the coronavirus pandemic. But supply remains limited.
OPEC+, the Organization of the Petroleum Exporting Countries, announced on Monday that it will not produce more oil than planned, despite pressure from shortages.
Rising oil prices are also being felt at the pump: the price of diesel continues to break records, while the price of petrol last week reached its highest level since 2014.
The Brussels Times