EU Weighs Joint Gas Purchases To Avoid Future Supply Shocks

The European Commission, the EU’s executive branch, is considering joint purchases of gas supplies in order to avert another natural gas crisis, Bloomberg reported on Friday, citing a source with knowledge of the draft proposals in the bloc’s ‘toolbox’ to alleviate the impact of record-high gas and power prices. The benchmark European gas prices continued their rally last week, surging to new record highs on Tuesday to an equivalent of $205 a barrel oil, amid a wider energy commodity rally driven by supply concerns ahead…