Natural-gas prices in Europe headed toward their highest closing level on record as hot summer weather boosts fuel demand and Russia throttles back supplies.
Europe has contended since June with drastically lower imports of gas from Russia, until recently by far its biggest supplier. Moscow cut flows through the Nord Stream pipeline by 80% to punish Germany and others for supporting Ukraine. Fearing President Vladimir Putin will order a full cutoff, the European Union has embarked on a plan to conserve gas now to burn it over the winter.