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European Gas Extends Gains as Specter of Russian Cuts Persists

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European natural gas prices rose for a third day, with the threat of extended Russian supply cuts spurring concerns that the pace of restocking storage sites will be slower than expected.

Benchmark futures gained as much as 5.6% before paring gains. The reduction in gas supply from Russia is making it more challenging to reach Germany’s storage target of 90% fill by the start of the winter, German Economy Minister Robert Habeck said. The country’s storage sites were 58.4% full as of Wednesday.