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John Authers

Gas Market's Wild Ride Shows Some Machiavellian Traits

The extraordinary surge in futures prices is a dangerous crisis that’s been fueled by Russia and policy mistakes in western Europe.

Whose hand controls the flow?

Whose hand controls the flow?

Photographer: Sean Gallup/Getty Images 

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What is happening in the natural gas markets is extraordinary, and it could create serious human hardship. On that we can all agree. Here is how natural gas futures in the U.K. (FN on the chart), Germany (LYA) and the U.S. (NG) have moved over the last five years: