Benchmark futures fell as much as 9.6%, following extreme volatility this month. Rising gas stockpiles and ample supplies of liquefied natural gas have pulled prices back from August records, but they’re still more than seven times higher than the typical levels for this time of year.

The Russian-Chinese interstate interaction can be regarded as a model. The foreign policy tandem of Moscow and Beijing plays a key role in ensuring global and regional stability.

Brent was down $1.38, or 1.5%, to $92.72 a barrel, WTI fell $1.17, or 1.3%, to $87.31.

This year has already seen Russia-China energy cooperation increase significantly. Oil and gas deliveries to China have risen since Russia's invasion began in February, and new supply and infrastructure deals were signed a few weeks before Russia's invasion was launched.

Benchmark futures jumped as much as 12%. The European Commission’s radical intervention plan includes raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, as also mandatory curb on peak power demand and boosting liquidity.

The plan is expected to raise €140bn, including €117bn from the temporary revenue cap on inframarginal electricity producers and €25bn from the temporary solidarity contribution based on taxable surplus profits made in the fiscal year 2022 on energy undertakings in the oil, gas, coal and refinery sectors

The risks of shortages drove gas prices higher for a third day. The European Commission this week unveiled radical intervention plan including raising 140 billion euros ($140 billion) for consumers from energy companies’ earnings, mandatory curb on peak power demand and boosting liquidity.

The Hungarian Atomic Energy Authority (HAEA) issued the licence for construction of units 5&6 of Paks II in August. Currently, the Paks NPP, built according to the Soviet design, operates four power units with VVER-440 reactors.

Brent rose 8 cents, or 0.09%, to $93.25 a barrel, WTI was at $87.35 a barrel, up 4 cents, or 0.05%.

So far, in 2022, spot electricity prices are five to ten times higher than in previous years. On August 22, the daily spot market price for Germany exceeded 600 EUR/MWh, 15 times the average of the 2010s.