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European Gas Rallies to Record as Energy Crisis Pounds Region

  • Commodity-reliant industries are buckling under energy costs
  • Asian LNG price surges as heavy-weight buyers seek fuel
A partially lit apartments block in Berlin.
A partially lit apartments block in Berlin.Photographer: Krisztian Bocsi/Bloomberg
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European natural gas futures extended their gains to a record-high settlement as an energy-supply crunch continued to batter the region, amid signs that the is fuel becoming too costly for industrial use and power generation. 

The benchmark contract settled 6.7% higher at 241 euros a megawatt-hour, above the previous record in early March when Russia’s invasion in Ukraine sent shockwaves across markets.