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Bloomberg
European natural gas prices jumped for a third session as a blast of unusually cold weather across the northern half of the continent tests its resilience to a historic energy crisis.
Benchmark futures surged 6.5% after settling at the highest level since mid-October.
From London to Latvia, temperatures are set to drop below freezing in the coming days with little sign of letting up, forecasts show. It’s the first real trial of the season for Europe’s strained power and gas network, with wind power slumping and nuclear output in Sweden and France hobbled by outages.
The continent’s gas storage levels have dropped to about 90% full, from almost 96% in mid-November, according to data from Gas Infrastructure Europe. The cold snap has coincided with additional outages at facilities in Norway.
Europe is importing record volumes of liquefied natural gas as lower pipeline flows from Russia exacerbate the crisis.