A new historical record for gas prices in Europe has been set. On Friday, March 4, prices for April futures on the TTF hub reached $2,391 per thousand cubic meters against $1,724 the previous day.

Brent oil also set a new record, rising above €115 for the first time since June 2014, to €115.7 per barrel.

Elon Musk, the head of Tesla, called for an increase in oil and gas production to compensate for losses from Russian exports. The businessman noted that “green” energy solutions do not currently allow this.

The cost of energy resources continues to grow on the fears of investors about interruptions in the supply of Russian raw materials. In addition, gas consumption in the EU is growing against the backdrop of lower temperatures, as well as a decrease in electricity generation through wind generation.

Nevertheless, according to Gazprom, now the transit of gas through the territory of Ukraine through the Yamal-Europe gas pipeline is kept at the maximum of the company’s contractual obligations.

Andrey Syrchin, CEO of CRESCO Capital commented on the situation:

“In general, the global oil and gas industry is on the rise, but due to the impending recession, we expect consumption problems and supply disruptions. Now we would recommend to refrain from investing in the industry. Although prices are near historical highs, most of the profits are taken by taxes and payments. So companies are not always the beneficiaries of high prices!”