European Gas Prices Jump as Cold Snap Forecast to Boost Demand
- Benchmark futures bounce back after a sell-off last week
- Short cold snap coming to EU, Norway’s outages support prices
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European natural gas surged on forecasts for colder weather and as supplies from Norway, the continent’s top exporter, are crimped by outages.
Benchmark futures jumped 16%, recovering from a 14% slump on Friday. After a long period of unusually mild weather, temperatures are set to dip below average toward the end of the week, with Berlin expected to plunge beneath zero, according to forecaster Maxar Technologies LLC. That should force people to start using heaters, boosting gas demand.