Prices fell by 4.4%

Gas prices in Europe hit a new high of 100 euros as China escalated a worldwide conflict over energy supply that threatens to derail the recovery.

On Friday, benchmark futures jumped 2.3 percent before plunging 4.4 percent in choppy trading.

Russian gas exports to Germany have decreased by 77%.

As the economy recovers from the global pandemic and people return to work, energy prices are rising from the United States to Europe and Asia.

Europe is running out of gas and coal in time for winter, as soaring prices drive some industrial behemoths to close operations or reduce production.

European storage facilities are just under 75% full, the lowest level in more than a decade for this time of year. “Gas may now go as high as it needs to reset demand, and gas has become too expensive for several European companies,” said Andreas Gandolfo, the head of Bloomberg NEF’s European energy group.

Liquefied natural gas prices in Asia hit a new high of $34.47 per million British thermal units. In crude equivalent terms, the price in Asia and Europe is around $190 per barrel.

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