Brussels:Gas prices in the European Union have reached unprecedented levels, increasing by 259.31% since the start of the year. This surge has positioned gas as the commodity with the sharpest price increase in global markets, based on data from the ICE Futures exchange, the CME Group, and the Shanghai Metals Market.
According to Yemen News Agency, the report by the Russian news agency Sputnik highlights that British gas ranked second among commodities experiencing the largest price hikes within the fuel and energy sector, with a 239.55% increase. Liquefied Natural Gas (LNG) in the South Korean and Japanese markets followed, with a rise of 233.52%.
In the food sector, rice was identified as the commodity with the highest price increase since the beginning of the year, rising by 81.45%. It was followed by barley, with an increase of 40.11%, and rapeseed, which rose by 33.6%. Conversely, orange juice experienced the largest price decline in this category, falling by 33.28%, followed by coffee, which dropped by 18.15%.
In the industrial commodities and metals sector, hot-rolled steel coils saw the highest price increase at 52.83%, while cobalt hydroxide experienced the sharpest decline, falling by 43.36%. Cobalt hydroxide is a material used in the manufacturing of batteries, as well as in the coatings and chemical industries.
These sharp increases in gas prices occur amid ongoing volatility in global energy markets, driven by geopolitical tensions affecting energy supplies and the growing challenges in meeting the demands of European and Asian markets. In response, European nations are attempting to increase their reliance on LNG imports to diversify supply sources and ensure energy security with the winter season approaching.
