Gas Rises as Europe Struggles to Fill Russian Supply Gap
- Global supply may be insufficient to replace Russia: Simson
- Full storages are critical for Europe to get through winter
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European natural gas prices rose as Russia’s deep supply cuts are slowing the pace of refilling storage sites, threatening to fall short of the levels required to keep homes warm in the coming winter.
Buyers have found it more difficult to replace Russian gas from elsewhere after flows through a major route to the European Union were cut by 60% earlier this month. Germany is warning of rationing, while EU Energy Commissioner Kadri Simson said Monday there may not be enough supply worldwide to fully replace Russian flows.