Russia's Ukraine invasion supercharges push to make a new green fuel

 A nearly 450% jump in European gas prices the past year made the green fuel of the future cost-competitive about a decade ahead of schedule

Europe’s push to wean itself off Russian natural gas is sparking billions of dollars in new commitments toward building a market for low-carbon hydrogen. A nearly 450% jump in European gas prices the past year made the green fuel of the future cost-competitive about a decade ahead of schedule, according to BloombergNEF. Now, investment funds are joining governments and utilities in ambitious plans to make hydrogen a viable substitute for fossil fuels in manufacturing, transportation and heating. “It’s kind of a tipping point,” said Phil Caldwell, chief executive officer at Ceres Power Holdings Plc, a U. K.-based hydrogen technology company. “You’re going to see that capital coming in on a big scale now. There’s no turning back.”

Russia is ostracized on the world stage for invading Ukraine, but some of the harshest critics still need its oil and gas to keep their economies running. Europe is quickening efforts to break that addiction, with Fortescue Metals Group Ltd. planning a $50 billion project for the hydrogen supply chain with German energy giant E. On SE; Norway’s Scatec ASA building a $5 billion production plant; and investment fund Hy24 earmarking $1.6 billion for infrastructure….

Ukraine conflict: Oil surges on Russia nuclear alert as sanctions intensify

 The nuclear alert and bank payment constraints heightened fears that oil supplies from the world’s second-largest producer could be disrupted

Oil prices jumped more than $7 in early trade on Monday after Russian President Vladimir Putin put the country’s nuclear deterrent on high alert in the face of Western nations and Japan stepping up sanctions against Russian banks.

The nuclear alert and bank payment constraints heightened fears that oil supplies from the world’s second-largest producer could be disrupted as Russia digs in following its invasion of neighbouring Ukraine conflict. Brent crude futures were up $5.46 or 5.6%, at $103.39 at 2331 GMT, after hitting a high of $105.07 a barrel shortly after trade opened. Last week the benchmark contract hit a more than seven-year high of $105.79 after the invasion began.

U.S. West Texas Intermediate (WTI) crude futures were up $5.64, or 6.2%, at $97.23 a barrel, after hitting a high of $99.10 shortly after opening. WTI hit a high of $100.54 last week. Putin raised the stakes on Sunday, ordering Russia’s “deterrence forces” – which wield nuclear weapons – onto high alert, citing aggressive statements by NATO leadrs and the range of economic sanctions imposed on Russia by the West….