European Gas Soars 30% on Week as ‘Perfect Storm’ Hits Market

European natural gas prices surged 30% this week as a change in sentiment took hold and traders rushed to cover short positions amid bouts of unusually cold weather.

Benchmark futures broke out of months of narrow trading, posting the biggest weekly jump in over two years after US traders amplified a fresh push higher on Friday. The rally marks a significant shift in the market after stronger heating demand collided with renewed geopolitical risks.