European Gas Climbs as French Strikes Raise Supply Concerns
- Strikes, maintenance issues extend French nuclear outages
- Short spell of cold weather is also passing through the region
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European natural gas prices rose as strikes in France that are prolonging outages at the nation’s energy infrastructure increased worries about supply.
Nuclear reactor availability in the country has dropped to 57%, driving up local power prices. The strikes have also hit oil refineries and liquefied natural gas import terminals. A short cold spell is passing through Europe this week, adding to the frequent chilly bouts that are keeping gas prices above normal levels for the time of year. Benchmark futures rose as much as 5.5% on Monday.