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European Gas Prices Head for Biggest Weekly Loss of the Year
European natural gas prices trimmed their weekly drop on Friday as heat blankets the continent’s south and risks raising cooling needs. Benchmark front-month contracts traded as much as 8% higher, reversing some of the week’s losses. Higher-than-usual inventories and lackluster demand had kept a lid on prices so far, which are still on course to end the week over 15% lower. Extreme heat is ripping through southern Europe and parts of Germany, with the next blast from the Sahara lifting temperatures toward record highs in parts of Italy this weekend. Electricite de France SA warned it will curtail production at ... (full story)