European natural gas futures extended their increase to over €48...

European natural gas futures extended their increase to over €48 per megawatt-hour, the highest in one year, amid bets of stronger demand and risks of supply disruptions. A looming Arctic air mass is forecasted to bring widespread snowfall, intense winter storms, and below-average temperatures, amplifying the need for heating and electricity generation. Investors are also factoring in the escalating Russia-Ukraine conflict, anticipating further supply uncertainties. In the meantime, Russian gas exports to Europe via Ukraine were stable on Thursday despite ongoing contract disagreements between Gazprom and the Austrian OMV, which caused flows to temporarily be halted on Saturday. Still, the outlook of supply to Europe remained uncertain in coming weeks as data from EUstream indicated that low requests through Austria and Slovakia remained below levels from before the supply halt, lifting prices. - Trading Economics