Europe and UK gas prices hit record highs as Ukraine invasion continues

UK gas hit 508.80 pence per therm.

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Europe and UK gas prices hit record highs Friday and crude oil rallied, as Ukraine’s invasion by key producer Russia continued to stoke supply fears.

Europe reference Dutch TTF gas price struck 213.895 euros per megawatt hour in afternoon deals and UK gas hit 508.80 pence per therm.

“There is apparently fear of disrupted gas flows from Russia, although flows look normal until recently,” Commerzbank analyst Carsten Fritsch told AFP.

There is also speculation that oil and gas flows from Russia could be sanctioned directly, which has been avoided for now. 

“The seizure of the large Ukrainian nuclear plant by Russian troops has certainly added to this speculation.”

Meanwhile, Europe’s London Brent North Sea crude leapt 4.7 percent to $115.63 per barrel, having surged to a 2012 peak close to $120 on Thursday. New York’s West Texas Intermediate oil soared 5.5 percent to $113.54 on Friday, one day after touching a 2008 pinnacle at $116.57.

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