European natural gas fluctuated as traders weighed the prospect of tougher sanctions on Russia against currently stable flows from the country.
Benchmark prices swung between gains and losses with Russian exports again in focus after the European Union said it’s working on additional sanctions to penalize Moscow for what appear to be war crimes in Ukraine. Diplomats are due to discuss new measures this week and the market will closely watch for restrictions on energy. The U.S. also said it may impose further penalties.
Sanctions on oil and coal are among options for the European Commission, said Valdis Dombrovskis, vice president for economy and trade. Penalties on Russian gas are not off the table in the future, Commissioner for Economy Paolo Gentiloni said Monday.
The continent “can’t easily replace supplies from Russia,” James Waddell, head of European gas at consultant Energy Aspects, said in a Bloomberg TV interview. “That means it is very difficult to target gas, in contrast to maybe crude and diesel.”
No comments:
Post a Comment