Europe Gas Jumps With Weather Forecasts Turning Cooler Next Week
- Some models show temperatures dropping, after a mild spell
- Cool conditions will boost gas demand and storage withdrawals
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European natural gas rebounded as forecasts showed the weather turning cooler than previously estimated next week.
Benchmark futures for March jumped as much as 11%. Some models estimate temperatures will drop again after a warm spell, potentially boosting gas usage in heating and forcing more withdrawals from fuller-than-normal storage sites. Maxar Technologies Inc. sees cooler conditions in northern and central Europe next week, but still close to average levels for the time of year.