Russian President Vladimir Putin’s statement about his readiness to stabilize rising energy prices preceded their sharp drop in the world market. It is reported by the Financial Times. The day before, at a meeting on energy issues, the Russian President supported the idea of ​​Deputy Prime Minister Alexander Novak to increase gas trading on the stock exchange to stabilize prices on the market.
“Market gas prices turned sharply lower on Wednesday after Russian President Vladimir Putin said his country was ready to stabilize skyrocketing global energy prices, which threaten to curb industrial activity and sharply raise inflation,” writes the Financial Times.
Gas prices in Europe hit record levels yesterday, but the biggest pullback occurred even before the president’s speech. The broadcast of Vladimir Putin’s speech at the meeting on energy issues started at 14:45 Moscow time. A sharp rise in gas futures was observed in the morning and peaked at 11:30 Moscow time, when the cost of 1,000 cubic meters exceeded $ 1900. However, after about ten minutes, by 11:40 Moscow time, the price dropped to $ 1800, and after another ten minutes it dropped to $ 1679. A few minutes before Mr Putin’s speech, by 14:30 Moscow time, the price of futures fell to $ 1,500.
For more details on how Russia can increase gas supplies to Europe, see the article “Kommersant” “Goodwill Cubic Meter”
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