ASX LIVE: ASX to rise on Wall Street rally, $A recovers, oil rebounds

Natural gas in Europe notched its longest stretch of daily gains in more than nine months as persistent fears of deeper supply cuts by Russia spread through the market.

The crisis also sent power prices to record highs as Moscow’s tightening hold on energy supplies brings the risk that Europe may struggle to keep the heat and lights on this winter. A prolonged halt would jeopardise plans to have storage sites sufficiently filled in time for winter, when demand typically peaks. German Economy Minister Robert Habeck urged Canada to release the turbine before the Nord Stream maintenance begins, which would remove an excuse for Moscow to continue capping supplies.

Nord Stream has six major turbines to pump gas across the Baltic Sea, which were manufactured in Canada and have to be regularly sent back there for maintenance. One turbine was being overhauled in Montreal and can’t be returned because of sanctions prohibiting vital technical services from being exported to Russia’s fossil-fuel industry.

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