The cost of gas to consumers could rise by 60% in the fourth quarter, with a new high for electricity at 66.6 cents per kilowatt-hour, up 25.0 cents from the previous quarter, according to forecasts by Italian analyst Nomisma Energia. The supply of “blue fuel” from Russia was again under threat after reports were received of the destruction of three strings of gas pipelines of the Nord Stream system near the Danish island of Bornholm. According to representatives of Nord Stream AG, which is the operator of the project, critical damage has been recorded, the timing of the repair of which is still unknown. Meanwhile, experts predict a slowdown in the Gross Domestic Product (GDP) of Italy at least by two times, and the inflation rate is expected to be around 10.0%. Last month, energy prices in the country rose by 44.9% compared to 42.9% a month earlier, food prices rose by 10.5%, and durable goods by 3.9%. The Italian authorities have already allocated more than 50.0 billion euros to stabilize the economic situation, but it is obvious that this is not enough.
The trading instrument is traded within the global downward channel and has almost reached the support line. Technical indicators continue holding a sell signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram is forming new bars, being in the sell zone.
Support levels: 0.948, 0.93 | Resistance levels: 0.967, 0.986