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London Markets: U.K. natgas contract dives after Russia increases supplies via Ukraine


The lead natural-gas contract in the U.K. lost 10% on Tuesday as Russia increased its supplies of gas to Europe through Ukraine.

Gazprom booked 108 million cubic meters of pipeline capacity, double the average it sent in January, the Moscow Times reported. Over a third of Europe’s natural gas comes via Russia.

Russia has been threatened by the U.S. and Europe with sanctions if it were to invade Ukraine, which western countries say is an imminent threat.

The lead UK natural-gas contract on the ICE exchange GWM00, -10.99% is now down 58% from its December peak, though it’s up 284% over the last 12 months.

The FTSE 100 UKX, +0.94% climbed 1.1% to 7546.18. Scottish Mortgage Investment Trust, SMT, +4.40% an investor in technology companies, jumped 5% after the surge in the Nasdaq on Monday.

The metals sector also caught a bid, led by silver miner Fresnillo FRES, +5.06% and copper miner Antofagasta ANTO, +4.24%.

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