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By Tim Seymour

Gazprom (OTCPK:OGZPY) soared Monday and if the overnight news is any indication, it will continue to see real buying interest along with other resource plays.

Gazprom jumped almost 4% yesterday as traders bank on the prospect that natural gas will be a near-term substitute for nuclear power in East Asia — or even the entire world’s electrical needs.

While OGZPY does not distribute gas into Japan, it is in position to prosper if other gas vendors with assets more conducive to operating in the Pacific Rim find demand for their product increasing in the near term.

Given the global nature of the commodity markets and the prospect of pipelines or liquefied natural gas, eventually increased demand for gas in Asia should support prices in Europe as well, which is where OGZPY comes back into play.

Likewise, Russian steel and coal names like Mechel (NYSE:MTL) jumped 3.4% today to erase all their year-to-date losses.

Coal shipments to Japan could be raised substantially in the future, not only to power a new generation of non-nuclear power plants but to stoke the steel mills that will now need to produce a lot more girders and other construction materials as the country rebuilds from the disaster.

Source: Russian Resource Plays Soar on Prospect of Natural Gas Filling In for Nuclear Power