Russia said Ukraine’s natural gas debt climbed to almost $2 billion and signaled supplies may be cut, ratcheting up pressure on its neighbor as they scrap over the future of the Black Sea Crimea region.
Europe’s biggest stockpiles of natural gas since at least 2009 are damping the threat of any potential disruptions in supplies from Ukraine, the main transit route of Russian fuel to consumers in the west.
Carbon futures rose to the highest in more than 13 months amid speculation the European Union’s plan to postpone sales of some allowances will drive factories and utilities to buy more of the pollution rights.
European Union carbon permits had their longest weekly rising streak since 2010 as the bloc’s lawmakers were poised to give final approval on Feb. 24 for the market’s first intervention to fix a record glut.
European Union carbon permits may fall once lawmakers approve faster scrutiny of a plan to temporarily withhold some permits from auctions, according to Trevor Sikorski, an analyst at Energy Aspects Ltd.
Continental Europe will probably be warmer than average for a third month in February as the milder counterpart of the polar vortex that gripped North America helps to extend a decline in power and gas prices.
Barclays Plc scaled back its 2011 price forecast for European Union carbon, predicting lower emissions from factories and power stations and more permits coming to market from a reserve for new projects.