Natural gas prices were rising in Europe again on Friday, following a respite this week from a promise by Russian President Vladimir Putin to boost supplies to the continent. Stocks in Europe fell, though gains for energy stocks bucked that trend.
“Natural gas prices in American and Germany have soared by 126% and 459% so far this year while the Dutch gas price was up 748% as of yesterday’s peak before Putin triggered a 37% decline,” said Christopher Wood, global head of equity strategy at Jefferies, in his weekly GREED & fear note to investors.
The biggest gaining sector in Europe was energy, as U.S. CL00, +1.61% and Brent crude BRN00, +1.59% futures prices rose 1% each. Oil gained rose Thursday after the Energy Department reportedly said it has no plans to release crude from its Strategic Petroleum Reserve. Bond yields were also on the rise, with that of the 10-year German bund TMBMKDE-10Y, -0.146% up 3 basis points to -0.150. The yield on the 10-year Treasury TMUBMUSD10Y, 1.600% was up 3 basis points to 1.596%.
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