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European natural gas soared to a fresh record as the U.S. said it was considering curbs on imports of Russian oil, a move that would add to supply fears across all energy markets.
Dutch front-month gas, the European benchmark, jumped as much as 17% to an unprecedented 225 euros a megawatt hour. It extends a stunning rally after prices doubled last week with Russia’s invasion of Ukraine and international sanctions targeting Moscow upending commodities markets across the globe. Crude rose past $139 a barrel in London on Monday.
Gas exports from Russia, which account about a third of Europe’s demand, are currently not covered by penalties. Shipments remain stable, with flows crossing Ukraine running as normal. However, traders remain on edge for any potential disruptions.
The U.S. House is exploring a bill that would ban the import of Russian oil and energy products, a move that could add to economic pressure as more companies pull out of the country in response to Moscow’s invasion of Ukraine.
Any ban or cutoff of Russian gas flows to Europe could require “extreme” government measures to ration supplies for the industry and consumers, the head of France’s Engie SA told Les Echos newspaper. Europe has enough supplies to get through this winter, problems would arise in building stocks over the summer, Catherine MacGregor said in an interview published on Monday.
