Fuel resources show unexampled price growth

Prices on oil and gas have set new records. According to trading data from the London ICE exchange, for the first time since October 2018, prices on oil have exceeded the mark of $80 per barrel, while the price of gas exceeded 1,000 dollars per thousand cubic meters for the first time in history. At the time of publication, the price of a Brent crude oil futures contract for November supplies reached $80.58 per barrel (+1.3% in comparison with the closing of the previous session). WTI crude oil was trading at $76.53 per barrel (+1.4% in comparison with the closing of the previous session). The rise in oil prices was caused by a shortage of gas in some regions of the world, in which consumers are switching to cheaper oil. In turn, the cost of October gas futures on the Dutch TTF hub at the time of publication was 85.25 euros per megawatt-hour, or 1031.3 dollars per thousand cubic meters. The rise in price compared to the session on September 27 at the time of its closing amounted to 11.4 percent. Prices on natural gas have been growing throughout September amid the desire of traders to replenish gas reserves before the winter season. In addition, Russia had to limit gas supplies after an accident at a Gazprom plant in the city of Novy Urengoy.