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European Gas Surges 50% This Week as Moscow’s Cuts Roil Markets

  • Prices gain after Russia’s substantial cuts to major consumers
  • Italy’s Draghi says Moscow’s explanations of cuts are lies
Updated on

European natural gas prices headed for the biggest weekly gain since the early stages of Russia’s war in Ukraine as Moscow’s deepening supply cuts reverberate across the region.

Benchmark futures rose as much as 8.4%, before paring gains to take this week’s advance to about 50%. Eni SpA will receive just half of what it requested from Gazprom PJSC on Friday, compared with about two-thirds the previous day. German energy giant Uniper SE said it’s receiving 60% less gas than ordered from Russia. The cuts are a blow for a region that’s already struggling with surging inflation and meager growth.