European Gas Gains to Pare Biggest Monthly Drop Since 2009
- Warm weather has helped fill gas reserves almost to the brim
- Uncertainty lingers over continent’s ability to control demand
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Natural gas prices in Europe extended gains on Friday amid uncertainty over the region’s ability to reduce demand this winter, though they still posted the biggest monthly loss since 2009.
November futures settled 4.5% higher even as the benchmark contract saw a monthly decline of almost 41%. The recent price drop has made it more cost-effective for power generators to use gas, while other industries such as fertilizer makers have also started to return some output. But a period of mild weather will likely end by the middle of November, according to the Weather Co.