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European Gas Crunch Sends U.K. Prices Soaring to 15-Year High

  • U.K. gas futures closed at the highest level since 2006
  • Russia is flowing less gas through Ukraine, Asia buys up LNG
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A gas crunch plaguing Europe has sent prices in the U.K. to the highest in 15 years, fueling concerns about inflation just as economies emerge from the global pandemic.

Natural gas futures on the U.K.’s National Balancing Point hub closed at the highest since January 2006 on Wednesday. They’ve surged more than 50% this year after a colder- and longer-than usual winter left storages sites depleted, while more of the fuel is being used to generate electricity.