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European Gas Posts Second Weekly Gain on Russia Supply Squeeze

  • Germany fears Nord Stream won’t restart after maintenance
  • BASF, BMW take steps on gas consumption after price spikes
A train passes the Mitte Combined Heat and Power (CHP) natural gas power plant, operated by Vattenfall AB, in Berlin.

A train passes the Mitte Combined Heat and Power (CHP) natural gas power plant, operated by Vattenfall AB, in Berlin.

Photographer: Krisztian Bocsi/Bloomberg
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European natural gas prices recorded their second straight weekly advance as Russia’s deep supply cuts unsettle markets and force governments to make policy U-turns by bringing back coal stations.    

Benchmark futures slipped Friday but still are about 9% higher this week. The energy crisis is centered around European powerhouse Germany, which moved to the second-highest phase of an emergency plan and warned the cuts could trigger a Lehman Brothers-like collapse of the energy market.