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Russia-Ukraine Crisis Shields EU Gas From Oil Price Rout

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The risk of disruptions to Russian natural gas flows through Ukraine this winter is protecting European prices from the rout that sent oil to a four-year low.

U.K. gas for next quarter fell 14 percent since mid-June, half the 28 percent plunge in Brent crude over that time. While Brent is typically the benchmark used to set the price on almost half the gas supply in Europe, the Russia-Ukraine conflict and demand fundamentals in the market are having a bigger impact on prices than the decline in oil.