Putin to the rescue
- Russia is increasing gas exports to Europe
- Russia is a dependable source of natural gas for Europe, Asia
- Russia's gas shipments to Europe might reach new highs
Energy prices are taking a plunge on the headlines as Russia steps in to help Europe with the energy crisis. Here's a look at natty:
UK gas prices were quick to frontrun the announcement though, as they pared an advance of around 40% earlier to just 4% prior to the headlines crossing.
I reckon this will help to keep the calm in the market for a short while but we'll see how things go once we get closer to winter. I don't think the surge in energy prices is quite over yet and we'll only get a better idea of that in the weeks ahead.
Oil is also dragged lower as a result with WTI now down 1% to around $78.
