Oil prices rose slightly while the price of natural gas in Europe rose 10 percent after Germany suspended authorization for a new gas pipeline from Russia
, a still inactive natural-gas pipeline from Russia that was designed to significantly boost Russian exports to Europe.
Because that pipeline isn’t already delivering gas, the suspension of its commissioning won’t lower immediate supplies to Europe. Germany’s move will likely anger Moscow, though what, if anything, Russia will do about that is uncertain., Dmitry Medvedev, deputy chairman of Russia’s security council, warned that Germany’s decision means it will “very soon” be paying more than double for natural gas. He did not elaborate.
Bob McNally, a longtime energy consultant and former adviser in the George W. Bush White House, said crude oil prices could spike above $100 a barrel in the short term but would likely reverse unless there is a severe supply disruption.“I do expect now we’re probably headed over $100 a barrel just because now I think folks are seeing no one is taking a diplomatic off-ramp,” McNally said. But he added: “My view remains that the risk of an actual oil supply interruption is fairly low.
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