European Gas Slips After Wild Swings as Russia Escalates War
- Prices briefly spiked 20% on worries about Ukraine transit
- Russian attacks raise risk to gas links crossing Ukraine
Storage silos for liquid natural gas at the Yukonhaven terminal at the Port of Rotterdam in Rotterdam, Netherlands.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
European natural gas finished mildly lower on Monday after wild price swings caused by an escalation of Russia’s war in Ukraine.
Kyiv said it will stop electricity exports to western neighbors due to Russian attacks on its energy facilities. While the statement from the Ukrainian energy ministry didn’t mention gas-transit infrastructure, initial reports caused a sharp spike in prices, with benchmark futures jumping as much as 20%. Prices quickly eased, settling at the lowest level in more than three months.