European gas prices rose again, bringing their gains in two days to 60%, with Dutch and British futures prices hitting new highs.
According to “Bloomberg” data, Dutch gas contracts rose 40% to a record level of 162.125 euros per megawatt hour, after closing up 20% the previous day, and British contracts jumped 39% to 407.82 pence, before falling to 335.81 pence.
Rising energy costs are raising inflationary pressures and fueling concern that economic growth will slow, spilling over into stock and bond markets.
The European Union today urged member states to provide relief money to consumers and small businesses hit hard by rising gas and electricity prices, with growing criticism that the bloc’s policies to combat climate change are fueling the problem.
European Union Energy Commissioner Kadri Simpson has pledged to review market rules by the end of the year to prevent rising costs from stifling the economic recovery.
The article was written in the Al Borsa newspaper, as European gas prices are up and running, achieving 60% gains in two days.