The U.S. and European allies agreed to exclude some Russian banks from the SWIFT messaging system over the weekend, while Societe Generale SA and Credit Suisse Group AG stopped financing commodities trading from Russia. Any potential disruption to Russian supplies will boost European demand for U.S. liquefied natural gas.
Russian gas shipments through pipelines crossing Ukraine have jumped as energy companies rush to secure supplies and sanctions have so far avoided directly targeting energy.
April gas futures rose as much as 4.4% in early Asia trading, and were 2.9% higher at $4.615 per million British thermal units on the New York Mercantile Exchange as of 7:53 a.m. in Singapore.
Read more: Energy Firms Snap Up Russian Gas as Europe Seeks Alternatives
• Latest figures from BNEF:
• Estimated gas flows to LNG export terminals ~13.4 bcf, or +13.9% w/w and near a record high
• Lower 48 dry gas production ~93.9 bcf, or +2.9% y/y
• Lower 48 total gas demand ~93.3 bcf, or +29% y/y