Ukraine Crisis Sends Gas Prices Skyrocketing In Europe

Natural gas prices in Europe skyrocketed after Russia launched a military operation in Ukraine that Western Europe, the United States, and several allies condemned as a full-scale invasion. Wholesale prices at the European gas hub in the Netherlands on Thursday reached $159 (142 euro) per megawatt-hour, the Financial Times reported, before retreating somewhat, for a total daily gain of 40 percent. European commodity traders are rushing to stock up on Russian gas, with pipeline flows increasing by close to 40 percent, Bloomberg reported earlier.…