Natural gas and crude oil prices have risen sharply in recent weeks due to increasing demand and expanded US sanctions on Russia. The spike in energy costs poses a risk to the eurozone’s inflation outlook and could push the region’s economy toward stagflation.
In January, both natural gas and crude oil experienced significant price hikes. Benchmark natural gas futures on NYMEX briefly climbed to $4.37 (€4.28) per million British thermal units (MMBtu) before easing on Monday—a level not seen since December 2022. Meanwhile, crude oil futures, including WTI and Brent, reached their highest prices since August 2024.
The surge in natural gas prices is primarily attributed to rising demand due to cold weather across the northern hemisphere. The increase in crude oil prices, on the other hand, was driven by new sanctions introduced by the outgoing Biden administration.
via Reuters
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