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European NatGas Plummets as Market Bets on Putin's Support

COMMODITIES
  • In early European hours, prices for UK and EU-bound Natural Gas futures shot higher, with benchmark contracts adding to recent gains, extending the YTD gains to as much as 500%.
  • This price action partially reversed course following comments from Russian President Putin, who criticized the European approach to commodities and stated his country's willingness to help stabilize prices. This quickly saw UK- and EU-bound prices fall, with UK day-ahead gas turning a 25% gain into a 15% loss.
  • Oil markets were similarly eventful, with early strength being erased into the close following a far larger-than-expected build in crude inventories (+2.4mln bbls vs. Exp. +796k) compounded by a similarly sizeable build in gasoline stockpiles (+3.3mln bbls vs. Exp. -69k). WTI crude futures $79.78/bbl before fading back below $78/bbl.
Energy BulletsCommodities
Energy BulletsCommodities

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