Market Updates
European Markets Plunge 2%, Natural Gas Prices Soar 20%
Bridgette Randall
22 Aug, 2022
Frankfurt
European markets were under pressure amid the ongoing worries of rising rates and the possibility of an extended shut off Russia's natural gas from next week.
European markets declined and natural gas prices in the region shot up after Russian announced a three-day unscheduled maintenance of the Nord Stream 1 pipeline.
The maintenance is scheduled between Aug 31 and September 2.
The pipeline serves as the main conduit for the flow of natural gas from Russia to Germany and other nations in Europe.
Markets were on the edge on the worries that the natural gas flow may stop for an extended period as the division between Russia and the European Union.
The natural gas price for the immediate month delivery at the Dutch TTF hub, the reference price for Europe delivery, soared 22% to $294.60 before falling to $277,87 per megawatt hour.
The natural gas price contract jumped from the Friday's close of $244.50.
The benchmark indexes in Frankfurt declined 2.3%, in Paris fell 1.9%, and in London decreased 0.4%.
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