European Gas Jumps as Ukraine Flows at Risk in Transit Spat
- Russia warned of risks following payment arbitration
- Prices gained after ‘unprecedented’ damage at Nord Stream
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European natural gas extended gains as a spat between Russia and Ukraine over fuel transit added to an already volatile market.
Benchmark futures surged as much as 22%, the most in three weeks, after Gazprom PJSC warned its Ukrainian counterpart that new arbitrations over payments might lead to Russian sanctions against Naftogaz. That means the little gas that’s still flowing to northwest Europe from Moscow through Ukraine is now at risk, just hours after news about damage to the shuttered Nord Stream pipeline to Germany.