The expensive energy is shaking the markets, increasingly worried about the risk of stagflation.
The European financial markets all closed in the red , with Milan falling by 1.3%, despite reassurances from Moscow.
President Vladimir Putin assured that Russia is a "reliable supplier and respects its commitments": Gazprom - he added - has never refused to increase gas supplies to the Old Continent, "if requested". Words that managed to stop the rally in gas prices, which rose up to 60% in just two days.
The statements by the Russian head of state have in fact reversed the trend in the price of gas, causing the price of November futures to fall by 7% on the Dutch Title Transfer Facility reference platform, which had reached 160 euros per megawatt hour.
However, a situation that does not diminish concerns about the trend of inflation: expensive energy is contributing decisively to the jump in consumer prices, causing central banks to tremble, frightened by the danger that their "worst nightmare", or the growth mix slow-running inflation becomes reality.
According to the International Monetary Fund, prices will remain high over the next few months before returning to pre-pandemic levels in mid-2022.
(Unioneonline / F)