European natural gas prices jumped sharply because of the extreme heat that gripped the western part of the region, leading to higher demand for cooling air and higher energy prices, Bloomberg says.
Dutch gas futures for the coming months, for example, rose 5.6 percent to 168.50 euros per megawatt hour after falling 8.8 percent Friday.
Temperatures in parts of the U.K. and France, including London and Paris, could rise to record highs Monday and Tuesday, according to the Maxar weather forecast. The amount of energy needed to cool the week is expected to exceed the 10- and 30-year norm across the continent.
The abnormal heat wave, a stark reminder of climate change, is exacerbating Europe's worst energy crisis in decades. Officials and energy traders are keeping a close eye on whether Russia's Nord Stream pipeline will return to full operation this week when scheduled maintenance ends. moscow has already limited supplies to the continent because of tensions related to its invasion of Ukraine.