Russia threatens to cut gas flows as conflict intensifies
Germany repeats will not sanction energy flows (trans.)
United States could ban Russian oil imports
Russia warns of spike in oil and gas prices
EU plan to end Russian gas reliance eventually
LME suspends nickel contract as prices double
Oil consumption falls as prices climb ($BBG)
Europe’s energy users hit by high prices ($FT)
Global food security threatened by Ukraine war
EUROPEAN gas futures prices have moved into an extreme backwardation – as market signals urgent need to conserve inventories and rebuild them as much as possible ahead of winter 2022/23. The calendar spread from midsummer Jul 2022 to midwinter Jan 2023 has climbed to €72/MWh from less than €1 at the end of February as the market tries to shut down all non-essential consumption and attract maximum LNG inflows away from Asia:
EU+UK GAS inventories are becoming slightly more comfortable as ultra-high prices attract gas to the region and suppress consumption from industrial users and power producers, despite colder weather in recent days, showing price signals are having an impact:
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