European Gas Extends Gain With Cold Snap, Supply Risks in Focus

Temperatures in northwest Europe set to drop by next week
That will boost heating demand, supporting Europe gas prices

Heavy snow in Helsinki on Jan. 3.
Photographer: Alessandro Rampazzo/AFP/Getty Images

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By Elena Mazneva and Anna Shiryaevskaya

January 4, 2024 at 8:17 AM UTC

Updated on

January 4, 2024 at 4:33 PM UTC

This article is for subscribers only.

European natural gas rose for a second day as a cold snap is poised to sweep in from the north and the recent flare-up of tensions in the Middle East stokes concern over supplies.

Benchmark futures gained as much as 5.2% to the highest in a week. Temperatures across western Europe are set to drop below seasonal norms, boosting gas demand for heating and power generation.