Did sanctions shoot up the price this past two weeks? Doesn’t look like it. Then what did? The big upswing correlates with a really nasty cold spell in much of Europe. That’s the most likely explanation. But now look at the monthly averages below. For the first time in the better part of a year, the monthly average is headed north, so this latest upswing may mean something—assuming it holds. The last time the daily price was ever this high was last May.
