LONDON, March 8 (NNN-AGENCIES) — Europe and UK natural gas prices soared to record highs Monday on supply fears, as the European Union and United States mull sanctions on Russian energy.
Europe gas reference Dutch TTF rocketed more than 60 percent to 345 euros per megawatt hour and UK gas hit 800 pence per therm.
Brent North Sea crude oil surged close to $140 per barrel and a near 14-year high.
US Secretary of State Antony Blinken said the White House and allies were in talks about banning energy imports from Russia following its invasion of Ukraine.
“The price explosion has been sparked by the fact that the West is considering banning Russian oil imports in response to the war in Ukraine,” noted Commerzbank analyst Carsten Fritsch.
“There is speculation that Europe might decide of its own accord to stop Russian gas imports. So far, gas is still flowing normally.”
Russia is a leading supplier of natural gas and is also one of the world’s biggest crude producers. — NNN-AGENCIES
