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Europe Gas Surges to Record After Supply Risks Drive Wild Swings

  • Price rally could trigger margin calls for energy traders
  • U.S. weighs curbs on Russian oil, fueling broader supply fears

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Gas Prices Spiking as U.S. Considers Ban on Russian Oil
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European energy prices started another tumultuous week with wild price swings and fresh records as fears escalate about potential disruptions in Russian supplies.

In some of the most chaotic trading the market has ever seen, benchmark natural gas futures leaped 79% to the equivalent of more than $600 a barrel of oil before paring gains. The surge likely will lead to large margins calls, which could end up driving futures even higher as companies buy exchange contracts to avoid paying up cash to cover their trades.