A 700% price jump

Natural gas is the hottest commodity -- and there isn't enough of it to go around.

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Tanks onboard the Karmol LNGT Powership Asia floating storage and regasification unit. Photographer: Dwayne Senior/Bloomberg Natural gas is the hottest commodity in the world right now. It's a key driver of global inflation, posting price jumps that are extreme even by the standards of today's turbulent markets — some 700% in Europe since the start of last year, pushing the continent to the brink of recession. It's at the heart of a dawning era of confrontation between the great powers, one so intense that in capitals across the West, plans to fight climate change are getting relegated to the back-burner. In short, natural gas now rivals oil as the fuel that shapes geopolitics. And there isn't enough of it to go around. Read The Big Take.

From today's story "This is the 1970s for natural gas." —Kevin Book Managing director at ClearView Energy Partners LLC, a Washington-based research firm

ICYMI:  An obscure corner of Wall Street is making billions from global price shocks. A charismatic fixer made Credit Suisse the leading destination for Russia's wealthiest individuals. Then war got in the way.  Even Elon Musk says a recession is on its way. Read more from The Big Take.

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