European gas surges 60 percent in two days as EU sounds alarm

After today's surge, the forward price of Dutch natural gas traded for EUR 131.1 around noon Wednesday. Now the EU vows action.

Photo: Energinet

European gas prices surged again, bringing their gains over just two days to 60 percent, as the impact of soaring energy costs rippled through equity and bond markets and the European Union sounded the alarm.

Dutch and UK gas futures continue to hit fresh records along with rising power prices. Rocketing energy costs are stoking inflationary pressures and fueling concern that economic growth will slow, prompting a slump in European stocks.

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