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European Gas Futures Move Higher as Germany Sounds Supply Alarm

  • Germany’s Habeck warns of gas crisis, further supply cuts
  • Twelve EU states hit by reduced Russia flows: EU climate chief
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Germany Triggers Phase-Two of Emergency Gas Plan
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European natural gas prices hit a one-week high as Germany triggered the second stage of its gas-emergency plan, adding to mounting concerns across the continent that Russian supply cuts will mean energy shortages this winter.

Front-month benchmark futures rose as much as 8.8% after German Economy Minister Robert Habeck enacted the “alarm” phase of the emergency plan, saying that Europe’s biggest economy is in a gas crisis. Russia’s moves to slash Europe’s gas supplies risk igniting a collapse in energy markets in a similar way Lehman Brothers triggered the financial crisis, he said.