European gas prices are surging on tight inventories heading into winter, incentivising power producers to switch back to coal and industrial users to consider temporary plant closures. European benchmark futures for delivery in January 2022, when heating demand is expected to peak, have hit a record 66 euros ($78) per megawatt-hour, up from 16 euros a year ago. Prices have accelerated since the start of April, when gas in storage first began falling below the pre-pandemic five-year average for 2015-2019, signalling an impending shortfall. Since then, storage facilities have filled more slowly than normal, despite ... (full story)