MILAN – The price rush of the gas in Europe. After the cut in supplies announced to Germany and Italy by Russia via Gazprom, today in Amsterdam, the reference price list for the Old Continent, methane rises by 18% to 142 euros per megawatt hour. Counting the last three sessions alone, the price of gas has risen by almost 70%.
Meanwhile, the Italian gas system, according to what emerges from the consultation of the data on the day’s forecasts of commercial flows from the Snam site, is balanced and is expected to be injected into storage of almost 34 million cubic meters. A demand of just over 160 million cubic meters is forecast for gas available for more than 200 million cubic meters. From Tarvisio, the gateway to gas in Italy, flows of almost 40 million cubic meters are expected, an increase compared to yesterday. From Passo Gries (Verbania), where gas flows from Northern Europe to Italy arrive, approximately 3 million cubic meters are expected.
Gas: from prices to storage, here is the impact of the Russian cut
by Luca Pagni
The president of Assolombarda Alessandro Spada also raised an alarm on the price of gas and raw materials this morning. “The commodity price rush has entered a new phase,” he said. “Pressure on corporate margins remains strong, especially due to increases in natural gas (+ 647%) and Brent oil (+ 104%). To this is added the volatility of commodities. We need to act immediately by activating the most urgent measure: the introduction of the gas price cap. It is the solution that can prevent many companies from reducing production or, in the worst case, stopping it altogether “.
The analysis on raw materials by the Assolombarda Study Center certifies that energy products are among the raw materials that have recorded the greatest increases in the recent past. The price of European natural gas, after the peak of around 220 euros per MWh at the beginning of March, retraced slightly, reaching 83.4 euros on 13 June, more than seven times the pre-Covid levels and close to the values recorded before the outbreak of the war. In recent days, however, the frictions on the supply side are causing considerable volatility, with the price hitting 100 euros again.
A similar trend characterized electricity, with the Single National Price (Pun) which, despite having absorbed the extreme peaks observed in recent months, now fluctuates around levels almost five times those of the pre-pandemic (210.1 euro / MWh on June 13). Finally, among the energy sectors, Brent oil stands out, the price of which is characterized by continuous and accelerating growth: the barrel has exceeded 120 dollars in recent days, reaching double levels compared to January 2020.
The prices of raw materials in the agri-food chain – highlights Assolombarda’s analysis – seem to have stabilized. Among ferrous metals, steel has recorded a marked decline in recent weeks, equal to -34% compared to its peak. On the non-ferrous metals front, nickel partially reabsorbed the shock that had caused the suspension of trading on the London Metal Exchange (-36% from the peak).
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