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Europe’s energy crisis goes from bad to worse as Dutch and U.K. natural gas prices see double-digit gains

·4 min read
Europe’s energy crisis goes from bad to worse as Dutch and U.K. natural gas prices see double-digit gains

Europe’s energy crisis deepened on Wednesday, with natural gas futures in Europe and the U.K. soaring by double digits, while a fire at a electricity converter station that connected France to England. European benchmark natural gas prices have soared 287% year to date, driven by a shortage of supplies from Russia, which is using more of its own natural gas; a lack of U.S. supply due to hurricanes disrupting refineries; a heat wave in the U.K. and elsewhere that has disrupted wind power; and hurricanes knocking out supplies from the U.S. Gulf of Mexico.