Europe Gas Closes at 6-Week High as Unusual Cold Snap on the Way
- Freeze set to test continent’s energy resiliency amid crisis
- Outages occurred Tuesday at some key gas facilities in region
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European natural gas prices settled at their highest level in six weeks, with unusually frigid weather expected to start eroding gas inventories and outages occurring at a few key facilities on Tuesday.
The freeze will be the region’s first real test of its resiliency amid the energy crisis this season, as mild temperatures so far have curbed demand for heating. With Russia cutting most of its gas supplies to Europe in the fallout over Moscow’s war in Ukraine, the continent is set to delve further into its stockpiles that it has spent months accumulating.