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European Gas Posts Another Weekly Gain on Tight Russian Supply

  • Global gas prices to stay elevated, volatile: Morgan Stanley
  • Rising storage keeps prices in check, but Russia risks remain
Updated on

European natural gas posted a third weekly advance as persistent concerns over Russian supply heighten the risk of shortages. 

Benchmark futures slipped on Friday, but still gained 2.8% for the week. Prices surged after Moscow last week slashed supplies through the key Nord Stream pipeline to just 20% of its capacity, citing issues with equipment. Kremlin insiders have privately said that the cuts are to pressure the European Union over sanctions on Russia, while Berlin has repeatedly said it sees no technical reasons for the reduced flows.