European gas futures gain as Germany sounds alarm over Russia disruption

European natural gas prices rose to a one-week high as Germany triggered the second stage of its gas-emergency plan, adding to mounting concerns across the continent over steep cuts in Russian supplies.

Front-month benchmark futures rose as much as 5.8% after German Economy Minister Robert Habeck enacted the “alarm” phase of the emergency plan, saying that Europe’s biggest economy is in a gas crisis. His comments follow a warning Wednesday that Germany should brace for further cuts in Russian flows after Moscow slashed deliveries on the key Nord Stream pipeline to Europe. 

The Russian supply curbs, which Germany has called politically motivated,