MarketsTraders have predicted billions of dollars in losses if...

Traders have predicted billions of dollars in losses if the price falls

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Traders have been predicted to lose $33 billion more if European Union (EU) countries agree to cap gas prices. This forecast was published by the Financial Times newspaper based on data from the London Stock Exchange ICE.

The publication notes that if Brussels’ plan to cap prices at Europe’s main gas hub is implemented, energy traders will have to pay an additional $33 billion in margins. In particular, producers and traders relying on the Dutch gas hub TTF could face an 80% increase in insurance fees to secure their transactions.

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ICE warned that such developments could “destabilize the market”.

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Earlier, the Financial Times reported that the European Commission’s (EC) proposed gas price cap of 275 euros per megawatt hour (about three thousand dollars at the current exchange rate per thousand cubic meters) is unlikely to be adopted. They were unhappy with many EU countries supporting fuel price caps.

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Source: rambler

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James
James
I’m a news writer for 24 Happenings, an online magazine that caters to people who want to know about things that are happening in the world. I grew up in the Midwest and have always been interested in writing. After trying out a few different styles of writing, I landed on my current genre – investigative journalism. When I’m not working on my next project or following my favorite team, I like to spend time with family or go for walks around my neighborhood.

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