European Gas Prices Hit Record Highs
Gas prices in the European Union have surged by over 250% since the start of the year, making it the commodity with the biggest price increase in global markets, according to data from ICE Futures, the CME Group, and the Shanghai Metal Exchange.
Gas in the United Kingdom ranked second among the fastest-rising fuel and energy products, with its price increasing by 239.55%, more than a threefold rise. The top three rising commodities also included liquefied natural gas (LNG) in the South Korean and Japanese markets, up by 233.52%.
In the food products category, rice saw the largest increase since the start of the year, rising by 81.45%. Barley followed in second place with a 40.11% increase, and then rapeseed at 33.6%. In contrast, orange juice prices fell by 33.28% and coffee by 18.15%.
In the industrial commodities and metals category, hot-rolled steel coil prices posted the most significant increase at 52.83%. Meanwhile, cobalt hydroxide was the commodity with the largest decline in this category, falling by 43.36%. This material is used in battery manufacturing, as well as in the paint and chemical industries.
Amid these record surges led by European and Asian energy markets, economic analysts believe that the continued sharp volatility reflects the depth of the structural crisis in the global supply system, which is affected by current geopolitical tensions. Faced with this stark contrast between the skyrocketing prices of vital fuels and steel and the notable decline in some basic chemical and food products, international markets remain open to the possibility of reshaping supply chains. This comes amid accelerated European efforts to fully rely on liquefied natural gas (LNG) as a strategic alternative to ensure energy security before the heated winter season arrives.
المصدر: Open sources
