Prices spike on Russian invasion of Ukraine | Reuters
British and Dutch gas prices spiked on Thursday, along with oil, European power and other commodities, after Russian forces launched an invasion of Ukraine.
Russian forces fired missiles at several cities in Ukraine and landed troops on its coast on Thursday, officials and media said, after President Vladimir Putin authorised what he called a special military operation in the east. read more
In the Dutch gas market, the front-month contract was up 39% at 117.15 euros per megawatt hour (MWh) by 1155 GMT but still below December's record high of nearly 185 euros/MWh.
The summer 2022 price was up 38% at 114.85 euros/MWh while the winter 2022 contract was up 30% at 114.00 euros/MWh.
In the UK gas market, the March price was up 40% at 283.50 pence per therm and the winter 2022 price had risen 31% to 290.00 p/therm.
Oil prices jumped, with Brent climbing above $105 a barrel for the first time since 2014.
"This is panic buying. An invasion has been widely expected," one gas trader said.
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