European natural gas advanced after four days of losses, with traders weighing the risks of rising inventories against steps to reduce demand.
Benchmark futures rose as much as 3.3% after falling to a two-month low on Monday. The link has been closed this month, but there is no impact on supplies.
The pressure on the link dropped late Monday. The reasons are being investigated. An earlier report said that checks had begun after a gas leak and sudden loss of pressure were reported.
The situation in Germany is tense, but the country and the EU are no longer dependent on Nord Stream supplies. An outage notice was issued by the operator of the line.
Dutch front-month gas was 3% higher at 179 euros per megawatt-hour by 8:34 a.m.
Europe's gas storage sites are about 85% full, which is above the five-year average, even as Russia cut its gas exports to the continent to the bare minimum.
Mild weather forecasts for October have helped to keep prices in check after a rally in August. The situation is still being watched by traders to see if it gets worse.
The energy crunch will hurt if Europe gets it wrong.
The European Commission is under pressure to come up with proposals to rein in the region's worst energy crisis in decades.
EU diplomats say that the document's release is likely to be moved to next week. The commission will discuss whether price caps can be implemented.
All Rights Reserved © 2024
