Americas, Special Report, Opinion
Posted: 08 Jun 2022 12:07
Natural gas prices, which have tended to rise on crisis news, remain about four times what they were at the start of 2021. Russia sold less gas than normal on the short-term spot market, raising concerns that the Kremlin was using gas to press for approval of its Nord Stream 2 pipeline. The pipeline has now been frozen by sanctions imposed by Germany’s government. A mild winter and extra supplies of liquefied natural gas from the United States have helped ease some of Europe’s jitters about a potential loss of Russian gas. Analysts say Russia has no interest in a complete gas cutoff, which would mean a sharp loss of revenue. The threat to farms in eastern Ukraine and exports through Black Sea ports could reduce wheat supplies at a time when global food prices are at their highest level since 2011 and some countries are suffering from food shortages.
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