Statoil could benefit from Ukraine turmoil, stock surges to five-year high

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil (STO +2.4%), the largest non-Russian supplier of gas to Europe, is a rare bright spot in today's stock market, surging to its highest level in more than five years on hopes it could increase its market share if Russia cuts back gas supplies.

STO sells an increasing share of its gas at spot market prices, in contrast to Gazprom, which sells much of its gas on long-term contracts and at prices linked to oil.

STO says it doesn't have any current plans to increase output but is monitoring the situation.

BG Group (BRGYY, BRGXF) also is considered a potential beneficiary; while it sells much of its liquefied natural gas to markets in Asia, analysts say it could divert additional volumes to Europe if gas prices rose sufficiently.