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European NatGas Jumps 64% As Chance Of Russian Energy Ban Ignites Mayhem European natural gas futures soared Monday after reports the Biden administration was considering curbs on Russian crude imports sent shock waves across commodity markets. Brent surged to $137/bbl and quickly pared gains to trade near $125/bbl around 0630 ET. The focus is European natgas futures, Dutch gas, which jumped as high as 64% to 335 euros a megawatt-hour -- the equivalent of around $600 a barrel of oil. Chaotic energy markets came after the US Secretary of State Antony Blinken told NBC this past weekend that the Biden administration is in "very active discussions" with European leaders to restrict Russian oil imports. Ole Hansen, head of commodity strategy at Saxo Bank A/S, told Bloomberg he''s at a "lost for words" for the latest price action of natgas. "Margin calls and very illiquid and uncertain markets driving this move," he said. Bloomberg notes that EU GDP could be slashed by as much as 1% or 2.2% annually should Russia''s natgas flows drop to zero.

U.S. Secretary of State Antony Blinken says the United States and its allies are having a "very active discussion" about banning the import of Russian oil and natural gas in the latest escalation of their sanctions in retaliation for its invasion of Ukraine.

US Secretary of State Antony Blinken says the US and its allies are having a very active discussion about banning the import of Russian oil and natural gas in the latest escalation of their sanctions

What is Putin''s claim? The Russian president insists that there is no separate Ukrainian nation. "Ukrainians and Russians are one people," he declared last year in a 7,000-word diatribe to support his case. Yet Ukrainians have their own language, culture, and history — much of it a litany of Russian oppression. "There has been a strong impulse of Ukrainian nationalism for at least the last century," says historian David Patrikarakos, "[with] the Russians just slapping them down militarily." It''s true that both nations trace their roots back to the first East Slavic state, Kievan Rus, which stretched from the Baltic to the Black Sea and lasted from the 9th to the mid-13th century. That medieval empire was founded by Vikings — "Rus" is the Slavic word for red-haired Scandinavians — who swept down from the north, conquered and intermarried with the local Slavic tribes, and established their capital at Kyiv. Russians see the region surrounding Kyiv as the font of their culture and religion: Vladimir the Great converted it to Orthodox Christianity in 988, laying the foundation of the Russian church.

Russian state gas company Gazprom was shipping natural gas to Europe via Ukraine in the same volume of 109.5 million cubic meters per day as on Saturday, the Interfax news agency cited Gazprom as saying on Sunday. (Reporting by Reuters)

The ship was eventually diverted somewhere else.

Russia''s status as an energy superpower is headed toward collapse following the invasion of Ukraine, analysts say, as Europe accelerates alternatives to its oil and natural gas and Western companies end financial and technological support for projects.

British dock workers have refused to offload two Russian tankers carrying Russian natural gas in protest of Russia’s invasion of Ukraine, The Guardian reported. Dock workers at the Isle of Grain liquefied natural gas terminal in southeast England are insisting that they will not unload cargo from Russia. The LNG tanker Boris Vilkitsky was reportedly […]

Bloomberg''s gauge of raw materials was set for its biggest weekly gain since at least 1960 as sanctions on Russia scared off buyers. Coal racked up an unprecedented 80% rally, European natural gas broke price records and oil futures swung in the widest range in three decades.

Despite a midweek burst fueled in part by war uncertainty, weekly natural gas cash prices gave up ground amid mild late-week temperatures and expectations

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White House press secretary Jen Psaki said that President Biden is "looking at options" to halt Russian oil and natural gas exports after bipartisan pressure from Congress.