Gas for delivery in Europe next month, which was already trading at record levels, jumped more than 20 per cent on Tuesday to close at €181 per megawatt hour.
After four months in which waning confidence in Russian supply had already pushed wholesale gas prices to their highest in history, the latest price rise threatens to drive up energy bills further for households and industry across the continent and add to inflationary pressures just as temperatures are forecast to drop.
Comment: 'Waning confidence in Russian supply'? Note that Germany has blocked Russia's recently completed Nord Stream II gas pipeline, because it would rather sabotage its own economy in order to appease its masters in the US; Serbia, on the other hand, hasn't been so foolish: Serbia negotiates "incredible" gas deal with Russia paying lower than market rate as energy costs elsewhere soar
Comment: With soaring inflation, food prices, shortages and vaccine mandates, this winter will likely cause significant suffering and discontent for Europe's citizens. Luckily for governments, the extremely mild Omicron coronavirus variant has arrived in time for them to excuse their scheduled lockdowns: