Europe’s Gas and Power Surge to Records as Supply Concerns Flare
- Global shortages of gas, coal are pushing energy prices higher
- Russia tests Nord Stream 2 link, start date for supply unclear
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European energy prices soared to fresh records amid worsening fears over supply, with U.K. natural gas futures exceeding the threshold of 300 pence a therm for the first time ever.
Global fuel shortages are disrupting markets from the U.K. to China, as economies emerge from the pandemic. Surging costs are threatening to raise inflation and starting to weigh on industrial production, with some companies in Europe forced to cut output. Concerns over gas storage levels in Europe are building as winter approaches, helping drive prices ever higher.