Natural gas price skyrockets / Crude demand falls / Commodity prices up more than 10% in a month
Drill, baby, drill? Demand for crude oil declined in August (Photo: iStock/Robert Ellis)
The cost of natural gas in August on the world’s markets spiked nearly 41% in just a month, which fuelled a 12.2% growth in the energy raw materials index calculated by Germany’s Hamburg Institute for World Economics (HWWI, Hamburg; Compared to August 2021, gas prices were up an eye-popping 182.5%, the institute said.

But some relief arrived in September despite Moscow’s decision to stop sending gas through the Nord Stream 1 pipeline that supplies Europe, with prices this week comparable to those in July.

In oil markets, inflation slowed demand for crude last month, which lowered the price by 7%. However, the recovery is only relative: researchers in Hamburg said the crude price is still almost 38% higher than in August of last year.

On average, commodity prices rose at a significant monthly rate of 10.8 % in August, researchers said. The institute’s overall index consists of the subindices for energy raw materials, industrial raw materials, and food and beverages.

Related: French, German plastic packaging groups warn of impact from soaring prices
22.09.2022 [251202-0]
Published on 22.09.2022
HWWI: Gaspreis steigt sprunghaftGerman version of this article...

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