EU gas soars to record as crunch risks spilling into next winter

Natural gas continues to gain value, setting another record as muddied outlook to Russian supply amid rising geopolitical tensions could end up extending the problem by another year.

Photo: Hannibal Hanschke/Reuters/Ritzau Scanpix

European natural gas closed at a fresh record-high as uncertainty over Russian supplies threatened to extend the energy crunch into next winter.  

A geopolitical crisis is brewing as Russia builds troops at the border with Ukraine. A potential invasion would come at the height of the European winter, according to US and Ukrainian intelligence. That could not only delay the start of the controversial Nord Stream 2 gas pipeline, but also risk other supplies at a time when inventories are running dangerously low.

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