A blast about 9 a.m. at the Baumgarten compressor station in Austria killed at least one person and injured at least 21 people.
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Europe's energy markets were rattled for a second consecutive day after an explosion at a natural gas hub in Austria threatened supplies already pinched from a closed pipeline in the North Sea and a cold snap across the continent.A blast about 9 a.m. at the Baumgarten compressor station in Austria killed at least one person and injured at least 21 people, interrupting flows at one of the main points where Russian natural gas enters Europe. Reduced pipeline gas flows may increase competition with Asia for liquefied natural gas cargoes this winter, according to WoodMac.Front-month gas in Britain jumped as much as 23 percent to 73.7 pence a therm ($9.86 a million British thermal units) on ICE Futures Europe, the highest since December 2013 . Italy, which relies on Russian flows for 30 percent of its demand, declared a state of emergency for gas.Gas flows into the U.K. surged to a four-year high overnight as shippers responded to higher prices.
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