European gas and power surge to fresh records on energy crunch

Gas flows from top supplier Russia remained capped and Norwegian shipments fell

Benchmark gas futures rose as much as 7.6% this morning to €104 a megawatt-hour.

European natural gas and power soared to fresh records on persistent supply fears amid the worst energy crunch in decades.

The region has been hit by rocketing energy prices as economies emerge from the pandemic, boosting demand while supply falls short. The jump in costs is starting to weigh on industrial production, raising the risk of further volatility as businesses look to shutter output and consumers use alternative fuels.