Price of gas, the reflection of the Pd Barberino Tavarnelle: “This is what we ask of Enrico Letta”

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BARBERINO TAVARNELLE – Regarding the price of gas, which is having a dramatic impact on the life of families and businesses, we receive and publish the reflection of the Democratic Party of Barberino Tavarnelle.

When we read the updates on the price of gas, we are not told the real price of the raw material, but rather the price of the futures listed on the Amsterdam stock exchange.

What is a future? And why the Amsterdam Stock Exchange?

A future is a derivative contract whereby two parties set the price in advance of an asset that will be sold in the future.

The future is a contract used by many producers, for example, of pasta, who need to establish the price of wheat with certainty (hedging against the risk of price fluctuations) so as to be able to plan in advance the final price of the pasta that we find on the shelves.

Therefore, we can say that futures have their own reason for being within the industrial chain.

The most important market in which gas futures are traded is the Amsterdam stock exchange, where the Title Transfer Facility, the European gas benchmark index, is formed.

According to Arera (Regulatory Authority for Energy, Networks and the Environment), about 70 percent of Italian supply contracts provide for an update to the Ttf, which therefore affects sales prices.

Even the price of the raw material itself in the protected market has until now been directly linked to the values ​​traded on the Amsterdam stock exchange.

The data in our possession, however, tell us that 68% of transactions involving gas are concluded by operators who are not involved in the use of the raw material (energy production rather than direct sales), but rather by simple financial traders. who speculate on the price of the raw material simply to earn.

In this context of great uncertainty on the gas market linked to the outbreak of the war between Russia and Ukraine and the growing international tensions that ensued, the price of gas is already very volatile in itself.

The great financial speculation has amplified the price fluctuations, both up and down.

The increases recorded in recent months are unprecedented and, according to many analysts, completely unjustified when compared to the actual use of the raw material, just as the incredible collapses recorded following the announcement by the EU of the start of works for the introduction of a gas price cap.

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This is what speculative finance does: it amplifies market trends by exploiting their tensions, ultimately affecting the citizen and final consumer.

As a political force, we believe that this speculation must be stopped.

We appreciate the commitment of the Democratic Party, which within its program proposes to reduce the tax wedge to protect businesses and the purchasing power of citizens, up to giving an extra month’s salary to the lowest incomes.

But on the other hand, we must also note that if we limit ourselves to this we would find ourselves financing the speculations of the great traders of the World and European Stock Exchanges with general taxation.

Therefore, given the high percentage of transactions concluded by financial traders but also the effective utility of futures contracts for companies involved in the use of raw materials, we ask Enrico Letta and the Democratic Party to bring European Union, the proposal to prohibit the conclusion of futures contracts on raw materials to companies that are not directly involved in the use of the raw material itself (gas, wheat and other commodities such as sugar, cotton, coffee) and in the production of goods connected to them (energy, pasta).

We want to protect the purchasing power of household salaries and guarantee the survival of businesses by acting directly on the main causes behind the increases in the cost of energy recorded on the market in recent months, which have generated extra profits for large stock exchange companies and energy companies, while safeguarding the correct operation of companies that produce primary goods in the food and energy sector.

Democratic party Barberino Tavarnelle

Young Democrats

Democratic Women


The article is in Italian

Tags: Price gas reflection Barberino Tavarnelle Enrico Letta

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