Saxo Bank: soaring gas prices pose a risk to Europe’s economy

An increase in the cost of gas could harm the EU economy, by weakening its position on the global stage. This is the opinion of Ole Hansen. The head of strategy at Saxo Bank Ole Hansen, whose words. Prime News Agency. Another negative consequence with which Another negative consequence that Europe may face is the disruption of electricity in the winter period, he said. he noted. Yesterday the gas in the European futures market broke the price records again. records - its quotations crossed the $950 per 1 thou. m³, that was the highest level ever recorded. A number of factors contributed to it. First of all, the volume of its reserves in local storages are low on the eve of the heating season. In addition, supply volumes from Russia continue to remain Russia's supply volumes are still low and there is no concrete information about the launch of Nord Stream 2. no specifics. If prices are not contained, Europe faces not only the threat of unstable electricity supply in winter, but also the loss of competitiveness of of European industries with higher consumption, Hansen said.