European Gas Pauses Rally as Surging Costs Hit Economic Output
- Benchmark futures retreat after record settlement on Monday
- Soaring costs heap pressure on politicians to resolve crisis
Germany is highly dependent on Russian gas to power its power plants.
Photographer: Ben Kilb/BloombergThis article is for subscribers only.
European natural gas prices are taking a breather amid further signs that soaring energy costs are crippling economic output, heaping pressure on politicians to resolve the crisis with winter just a few months away.
Benchmark futures retreated after settling at a record high on Monday. Prices are still about six times higher than they were at this time last year, with the panic spreading across nations ahead of peak winter demand.