Europe Rushes To Buy Russian Gas As Spot Prices Skyrocket

European commodity traders are scrambling to get as much Russian gas as they can under long-term contracts after spot market prices soared 60 percent in the wake of the Russian invasion of Ukraine yesterday. As a result, Russian gas flows through Ukraine rose by 38 percent, according to the Ukrainian grid operator, Bloomberg reported, and will likely continue up in the coming days, too. Traders, the report noted, had already booked an additional 6.5 million cubic meters a day in pipeline capacity from Russia to Europe. Current market prices are…