European NatGas Jumps 60% On Ukraine Turmoil

Conflict in Ukraine continues to send European energy prices higher Thursday morning.

Dutch TTF Gas Futures are up a staggering 60%, the most since 2005, in their fourth consecutive daily gain.

German power contracts for March soared as much as 42%. Crude also increased, with Brent futures trading as high as $105 a barrel.

Despite the Russian invasion of Ukraine, the US is unlikely to target Russian oil in the next round of sanctions for fear energy prices would continue to skyrocket.

“I expect stringent sanctions, but nothing on energy — bankers, ships and oligarch,” Bob McNally, a former White House official who is president of consultant Rapidan Energy Group, told Bloomberg. “They don’t want to add upward pressure on oil prices — they are absolutely terrified,” McNally said. 

Meanwhile, Putin’s right-hand man, Dmitry Medvedev, warned on Tuesday that Germany’s move to halt the process of certifying the Nord Stream 2 natgas pipeline would only result in soaring natural gas prices for the continent running low on supplies. – READ MORE