(Bloomberg) – Natural gas prices in Europe extended this week’s gains as a cold snap in the continent’s north boosts demand.
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Benchmark first-month Dutch futures were trading up 5.9% at €158 per megawatt hour at 8:26 a.m. Amsterdam. They settled on Wednesday at the highest level since mid-October.
Temperatures are expected to be below normal over the next month, after a late start to the winter heating season in Europe, which has supported inventories. The cold snap coincided with additional maintenance at facilities in Norway and possibly increased competition for energy supply with China, which is easing Covid-related restrictions that have weighed on demand.
Meanwhile, Europe is importing record volumes of liquefied natural gas as falling pipeline flows from Russia exacerbate the continent’s energy crisis.
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