European natural gas advanced after Russian President Vladimir Putin cast further doubt on the likelihood of a deal to maintain flows to Europe via Ukraine.

President Vladimir Putin said on Thursday there was no time left this year to sign a new Ukrainian gas transit deal, and laid the blame firmly on Ukraine for refusing to extend the agreement that brings gas to Slovakia,

Benchmark European natural gas futures jumped as much as 5% in early trading Friday after Russia's President Putin said it would be impossible to reach agreement on any new transit contract for the flow of natural gas through Ukraine to Europe before year’s end.