Europe teeters toward energy crisis as gas reaches two-year high

After a long fight with surging energy bills, the continent again faces the threat of more economic pain

Northwest Europe is bracing for freezing temperatures in coming days, which could further boost heating demand, draining stockpiles further and adding impetus to the painful price rally.

Europe is teetering on the edge of its next energy crisis after natural gas prices soared to the highest in two years.

After a long fight with surging bills, stubbornly high inflation and fading industrial activity because of the 2022 crunch, the continent again faces the threat of another prolonged rally that may trigger more economic pain.