European gas fluctuates as traders weigh supply cut and demand drop

Engineers in Russia inspect a segment of the Nordstream 2 pipeline. File picture by Anton Vaganov/Reuters

Anna Shiryaevskaya

European natural gas prices swung between gains and losses as traders weighed signs that high fuel costs are curbing industrial demand against Russian supply cuts.

Benchmark futures rose 1.2pc after dropping as much as 2pc. Prices are still about eight times higher than the seasonal average, causing industry to slash consumption. In the UK, industrial gas use has fallen by about 49pc this year, "roughly the same order of magnitude below pre-pandemic demand," Citigroup Inc. said.