European natural gas futures extended their gains to a record-high settlement as an energy-supply crunch continued to batter the region, amid signs that the is fuel becoming too costly for industrial use and power generation. The benchmark contract settled 6.7% higher at 241 euros a megawatt-hour, above the previous record in early March when Russia’s invasion in Ukraine sent shockwaves across markets. Prices are about 11 times higher than where they usually are for the time of the year, with costs spiraling for households and businesses that are facing the worst inflation in decades. Europe has already lost about half of its zinc and aluminum smelting capacity over the past year due to high energy prices, and more is set to go offline. Europe is engulfed in an energy crisis fanned by limited supplies from Russia, as well as increased […]