After slightly cooling on an apparent price correction, European energy markets started the week with another leap upward as the European Union (EU) formalized its winter natural gas storage plan.

The EU countries officially ratified a plan Monday to reach 80% of natural gas storage capacity available among the 27-country bloc by the winter heating season. Member countries have been considering the plan since it was proposed in March.

Bloomberg reported European benchmark futures rose as much as 6.9% at the start of the week as governments continue to warn about possible rationing actions in the weeks to come. Markets have been reeling for more than a week after news that Russian gas imports on Nord Stream 1 (NS1) could be curtailed by as much as 60%.

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