NRT - European gas update - prices rise 30% as Russian invasion proceeds

European natural gas prices are up ~30% this morning, as commodity markets focus on Russia's invasion of Ukraine. Revisiting the balance details, latest announcements and commentary from leaders, points towards near-term risk to the continent's gas supplies. Russia is the world's largest producer of natural gas and ~70% of Russian natural gas exports are sold into OECD Europe. There is no way for Europe to replace a meaningful portion of Russian supply. The continent has been, and is sure to continue, bidding all available LNG cargoes away from Asia and New England; however, continued Russian energy flows will be required to ensure Europe is able to provide heat and electricity to citizens and industry.   Following early conflict in Eastern Ukraine, Germany's Chancellor Olaf Scholz halted the process for certification of Nord Stream 2, a recently completed but non-operational pipeline between Russia and Germany. In response, former Russian President Medvedev tweeted

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European gas update - prices rise 30% as Russian invasion proceeds