European Gas Set for Fourth Weekly Gain as Supply Fears Persist
- Energy crisis could get worse ahead of winter heating season
- Russian gas flows via the Nord Stream pipeline ticked lower
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European natural gas prices headed for a fourth week of gains, and electricity rose to a record as the region braces for an even deeper supply crunch over the winter that could push major economies into recession.
Benchmark gas futures fell on Friday, but are still about 6% higher this week. Russian shipments via the key Nord Stream pipeline edged lower to around 18% of capacity for about an hour Friday afternoon, briefly driving prices higher. Flows returned to 20% soon after but the market’s reaction reflects the deep set concerns over supply.