Austrian Explosion Rattles Europe’s Gas Market
- Fatal accident follows supply line halts in North Sea
- Lack of storage makes U.K. market more sensitive to disruption
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Natural gas flows were set to recover in Europe after an explosion at an Austrian hub threatened supplies already pinched by a closed pipeline in the North Sea and a cold snap across the continent.
Oil company OMV AG, which controls the Baumgarten gas hub, managed to divert international transit pipelines so that flows to Italy, Germany and Hungary can resume before midnight local time, according to an emailed statement.