Firewood is new European gold

With Russian President Vladimur Putin cutting off natural gas supplies, Northern Europeans are scrambling and reverting to firewood to heat their homes, boil water and cook. It is rapidly becoming a hedge against skyrocketing energy prices and uncertain fuel supplies.

Cuts in shipments of Russian natural gas, used to power electricity grids and heat homes is the biggest factor driving rates higher. Suddenly, Europeans are facing firewood scarcities and bulging orders for wood furnaces.

West Berliners are staring at more than double the year-over-year energy costs. As a result, they are dusting...