The price of European gas rose to a record high on Friday, reaching 100 euros per megawatt-hour, while China escalated a global battle over energy supplies, in a move that threatened to derail the economic recovery, before prices fell later, according to Bloomberg News Agency.
Bloomberg said that volatile trading saw the benchmark futures contract rise by 2.3% on Friday, before pulling back.
China has ordered its state-owned energy companies to secure supplies this winter, at all costs, according to people familiar with the matter, intensifying the battle over shipments of liquefied natural gas and coal just as flows to Germany through a major Russian pipeline have collapsed.
Energy prices rose from the United States, to Europe, and Asia as the economy recovered from the epidemic and returned to work.
Europe is struggling to secure enough gas and coal before winter, and with prices soaring, some of the giant industrial companies producing fertilizers and chemicals have been forced to close or reduce production.