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Global energy prices are soaring after Russian forces launched a barrage of artillery, airstrikes, and missiles across Ukraine early Thursday to “demilitarize” the country. Even though natural gas and crude prices jumped on Thursday, there are no reports of supply disruptions or blackouts in Ukraine, suggesting businesses as usual.
An escalation of the Russia-Ukraine conflict sent Dutch TTF Gas Futures up more than 41% , rising for the fourth consecutive day. Soaring gas prices are also feeding into power markets. German power contracts jumped as much as 31%. The EU and US natural gas price spread is blowing out again, this time on geopolitical concerns. The spread blew out on unseasonably cold weather and low natgas supplies in late 2021. And for context, the soaring price of EU and UK NatGas is equivalent to a barrel of oil costing between $175 and $220… And has lifted US NatGas prices as potential export demand is priced in… The crisis sent Brent crude prices higher, up 8.55% to $105 a barrel. This is the first time the international benchmark for crude surpassed the $100 mark since 2014. WTI futures topped the $100 mark… Soaring crude prices will only mean rising gasoline prices at the pump for Americans. The move in crude suggests $4 gasoline prices are ahead as the inflation monster crushes households. The Ukraine crisis has given the Biden administration and their media counterparts the perfect cover to blame increased gas prices , inflation, and supply-chain issues on Russia.
Europe, already in the midst of an energy crunch, is experiencing low natgas inventories ahead of the spring/summer season. Russia is a top energy supplier to Europe, supplying about a third of its gas needs. Any gas disruption would be catastrophic for the continent. Despite the ongoing fallout from Russia’s attack on […]
They’re Trying to Shut Us Down
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