European Gas Extends Weekly Loss as Germany Beats Storage Target
- Nation’s reserves are 95% full two weeks ahead of schedule
- Europe is likely to avoid unusually cold winter: climate model
Europe’s gas storage sites are more than 91% full.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
European natural gas slumped to the lowest since late June, for a second weekly loss, as increasing stockpiles raised hopes the region will get through the winter even with dwindling Russian supplies.
Benchmark futures finished this volatile week with a 9.1% drop. Europe’s gas storage sites are 91% full, while top consumer Germany has hit 95%, a level it aimed to reach by Nov. 1. This boosts the continent’s chances of avoiding shortages or rationing.