European Gas Prices Rise as Lower Renewable Output Boosts Demand
- U.K. and Germany see a decline in wind power generation
- Norwegian gas flows edged lower after gains on Wednesday
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European natural gas advanced with lower renewables generation boosting demand for the fuel, while traders continue to grapple with the impact of proposed European Union sanctions on Russian oil.
Benchmark futures closed 2.6% higher for a third day of gains. German wind power slumped, according to data from the European Energy Exchange, and output is forecast to remain curbed rest of the week. In the U.K., demand for gas for power generation has remained elevated since the end of April.