Prices of natural gas , primarily a heating fuel, has soared to the highest in more than two years. The cold snap caught people by surprise.”For Europe’s natural gas traders, this winter was supposed to be boring, with a glut damping any potential for wild price swings. Norway and Russia exported at record levels, while the increasingly global liquefied natural gas trade gave utilities a cushion. In Turkey, the state-owned gas grid operator asked private power plants to reduce gas demand by 90 percent as Istanbul got covered in snow. Power demand is forecast just shy of its 2012 record on Thursday.

Source: Economic Times January 15, 2017 05:30 UTC