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European Gas Extends Gains With Russia Risk and Demand in Focus

  • Tight supply, lack of clarity on Gazprom flows elevate prices
  • European industry braces for rationing amid surging bills
European gas storage facilities are about 69% full.

European gas storage facilities are about 69% full.

Photographer: Oliver Bunic/Bloomberg
Updated on

European natural gas prices advanced for a second day as traders seek clarity on supplies from Russia and the pace of demand destruction in the region.

Benchmark futures remain above 200 euros per megawatt-hour after Russia’s Gazprom PJSC curbed flows on the key Nord Stream pipeline last week to about 20% of capacity. Flows through the link have been fluctuating near, and even below, that level since the weekend.