{"id":258309,"date":"2022-09-06T06:09:26","date_gmt":"2022-09-06T06:09:26","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=258309"},"modified":"2022-09-07T07:38:24","modified_gmt":"2022-09-07T07:38:24","slug":"gas-prices-likely-to-hit-new-highs-as-russia-shuts-pipeline-indefinitely","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=258309","title":{"rendered":"Gas prices likely to hit new highs as Russia shuts pipeline indefinitely"},"content":{"rendered":"

Rupert Jones \u2013 The Guardian Sept 5, 2022<\/strong><\/h1>\n

Analysts are expecting gas prices to surge to record highs this week after Russia shut down a key pipeline to Europe<\/a>.<\/p>\n

At the same time, a growing number of UK manufacturers have said they are already cutting production or making job cuts as a direct result of \u201cout of control\u201d energy bills.<\/p>\n

Many commentators warned that European prices, which have risen by nearly 400%<\/a> over the past year owing to lower gas flows from Russia, would go up further when markets open on Monday after Moscow scrapped a Saturday deadline<\/a> for flows to resume through the Nord Stream 1 pipeline to Germany, saying it had discovered a fault during maintenance.<\/p>\n

Nathan Piper, an oil and gas analyst at Investec, said: \u201cWe are expecting record gas prices across UK\/Europe next week as the impact of long-term restrictions of Russia gas supply is absorbed by the market following the indefinite shutdown of the Nord Stream 1 pipeline<\/a>.\u201d<\/p>\n

He added that the gas price \u201cwill remain volatile, and I\u2019d expect a sharp move up tomorrow towards record 700-800p a therm highs.<\/p>\n

\u201cHowever, the key and worrying point is that this is in the middle of summer \u2013 prices could move higher as demand increases for heating into winter \u2026 A big price jump next week has major implications on the [UK] energy price cap, and the cost for business\/industry, who don\u2019t have a price cap at all.\u201d<\/p>\n

Tom Marzec-Manser, head of gas analytics at consultancy ICIS, said UK, European and global gas prices were expected to \u201crally hard\u201d on Monday as markets readjusted to this latest development.<\/p>\n

However, his colleague Andreas Schroeder, head of energy analytics at the consultancy, said the impact on the UK \u201cwill be less severe than on continental European markets\u201d.<\/p>\n

In Britain, it was the case that about 4% of gas and 8% of oil was coming from Russia. However, it was confirmed a few days ago that Britain is importing no energy from Russia<\/a> for the first time on record after trade between the two countries collapsed after the invasion of Ukraine.<\/p>\n

While this means that the UK is in a different situation from highly dependent countries such as Germany, European wholesale markets have a significant knock-on effect on prices paid in Britain. \u201cUK prices are tied to European continental markets to some extent,\u201d said Schroeder.<\/p>\n

European leaders have accused Russia of weaponising energy supplies around the invasion of Ukraine, while Moscow blames western sanctions and technical issues for supply disruption<\/a>.<\/p>\n

 <\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Kremlin spokesman, Dmitry Peskov, cautions that Russia won\u2019t resume gas supplies to Europe until western sanctions are lifted. Which means that much of Europe will face a cold, hard winter<\/p>\n","protected":false},"author":39262,"featured_media":256675,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[58,91],"tags":[],"class_list":["post-258309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-Current_Affairs","category-russia"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/258309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=258309"}],"version-history":[{"count":1,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/258309\/revisions"}],"predecessor-version":[{"id":258310,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/258309\/revisions\/258310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/media\/256675"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=258309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=258309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=258309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}