Moscow appears to be making good on a threat to halt gas supplies to countries that refuse President Vladimir Putin’s new demand to pay for the crucial fuel in rubles. Europe has said that doing so would breach sanctions and strengthen Russia’s hand. Poland has been particularly vociferous in its criticism of Russia and has refused to comply with the new terms.
The energy volatility from the Russian invasion will continue to be a source of worry for the global economy for as long as sanctions are in place. That’s likely to be at least a few years and will weigh more heavily on countries lying close to Ukraine.
The Dutch natural future is back testing its highs.
UK gas is unlikely to stay at the lower side of its range against that background.
US natural gas is firming from the region of the upper side of the base formation.
The Polish Zloty is breaking down which is contributing to the dismal currency-adjusted performance of the stock market.