Gas prices rise on fears of second Christmas cold snap

International competition for LNG intensifies

Cold blast now sweeping through northwest Europe has boosted gas demand for heating amid severely reduced Russian pipeline flows.

European wholesale gas prices advanced on signs that another cold snap will hit the continent before Christmas, while international competition for LNG starts to intensify. 

Benchmark futures rose as much as 3.3%, erasing an earlier loss. While milder weather is expected early next week, temperatures are then set to fall below the seasonal average in the Nordics and the UK, according to forecaster Maxar.