Skip to content

European Gas Posts Monthly Spike as Russian Cuts Haunt Market

  • Countries rush to reduce gas demand and refill storage sites
  • Benchmark prices increased as much as 7% on Thursday
The liquid natural gas (LNG) carrier Rudolf Samoylovich delivering gas at the Port of Rotterdam in 2021.

The liquid natural gas (LNG) carrier Rudolf Samoylovich delivering gas at the Port of Rotterdam in 2021.

Photographer: Peter Boer/Bloomberg
Updated on

European gas posted its biggest monthly gain since September as Russia’s supply cuts put companies under stress and force governments to confront the prospect of major shortages.

Benchmark futures rose as much as 7% on Thursday, taking the increase in June to 54%. Moscow’s deep cuts earlier this month have rapidly tightened the market, overshadowing reduced summer demand and strong imports of liquefied natural gas. Countries are prioritizing refilling of storage in time for winter to avoid blackouts.