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Europe’s Gas Traders Start Tapping Storage as Cold Snap Arrives
European natural gas traders have started taking fuel out of the region’s record inventories as colder weather settles in, drawing from its buffer against winter supply shocks. Consecutive net withdrawals took place for the first time since April this week, data from Gas Infrastructure Europe show, and may accelerate as parts of Europe face below-normal temperatures over the weekend. For now the withdrawals are marginal, and storage facilities remain over 99% full. Benchmark prices fell on Friday and headed for a weekly loss. The continent, which has struggled in the aftermath of last year’s energy crisis, ... (full story)