Source: Reuters

Russia stops supply of natural gas to Poland and Bulgaria… Energy-related surges such as Daesung Energy

Source: Reuters

Energy stocks have surged in the domestic stock market after Russia stopped supplying natural gas to Poland and Bulgaria in response to Western aid to Ukraine and sanctions against Russia.

Daesung Energy surged to the upper limit on the 27th, and as of 10:53 a.m. on the 28th, it is trading at 14,850 won, up 8.42% from the previous day. At the beginning of the market, Daesung Energy once surged to 17,000 won. In addition, GSE was also traded at 8,260 won, up 15% from the previous day. As of 11 am, GSE traded at 7020 won, returning the increase.

Natural gas prices also rose sharply. On the 27th, gas prices in Europe soared 17% per megawatt-hour (MWh) at one point due to a gas supply stoppage, trading at 108.45 euros (about 145,200 won). This is about five times higher than a year ago. On the same day, the price of natural gas in the United States also surged 6.1% to $7.27 per million BTU. As of 11:20 am on the 20th, it was traded at $7.34 (about 9312 won), up 5.17% from the previous day. The price, which was less than $4 at the beginning of the year, has nearly doubled. The EU’s dependence on Russian natural gas is over 40%. As of 2020, of the total gas imports between Poland and Bulgaria, Russian products are known to account for about 40% of Poland and about 77% of Bulgaria.

Russian President Vladimir Putin signed a presidential decree on the 1st, obliging Russia-designated non-friendly countries, such as the United States, the United Kingdom and the European Union (EU), to pay for gas purchases in Russia in the Russian ruble. 60% of Russian gas sales in Europe are settled in euros, and the rest is settled in dollars. In response, the European Commission has urged gas importers in the EU to pay in the promised currency as per contract. However, on the 27th local time, it was found that some European companies opened Russian bank accounts to purchase Russian gas or paid for natural gas in rubles.

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