Europe Gas Prices Jump on Freezing Weather, Middle East Concerns
- Temperatures to plunge below zero across continent next week
- Traders also watching for developments in the Middle East
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European natural gas prices gained as the intensity of a looming cold snap looks set to deepen, lifting demand for the heating fuel, while tensions increase in the Middle East.
Benchmark futures added as much as 8.8% on Wednesday, halting a three-session streak of declines. Sub-zero temperatures are forecast from Paris to Berlin next week, and colder conditions will linger until at least the middle of January, according to Maxar Technologies Inc. The forecaster increased its projection for the number of heating days.