US Natural Gas prices soared 146% in a year and reached the highest level since 2008, it's relatively lower but it's rising too.
Russia is the second largest producer of natural gas, accounting for 17.4% of the World’s Total Natural Gas.
European Countries import 40% of their gas supplies from Russia. Germany and Italy are the largest importer countries.
European Countries have imposed various sanctions after the Russian invasion of Ukraine. EU pledged to cut import of Russian gas by ⅔ within a year.
Russia started to tighten the flows of Gas Supplies and prices are soaring as Europe prepare for Winter.
Energy prices are sensitive to interest rate changes as it involves high infrastructure costs.
Recently, US Bank City forecasts that CPI inflation in the UK may reach to 18% in the first quarter of 2023
Image: GDP Forecast
European countries facing a serious energy crisis which may lead to economic recession.