Europe Girds for Energy Market Turbulence After Russian Gas Cut

Governments in Sweden and Finland offered billions of dollars of guarantees to utilities to prevent a meltdown in energy trading when markets open Monday after Russia shut down natural-gas flows through a major pipeline to Europe. 

Traders, analysts and energy executives say prices for natural gas and electricity—already at elevated levels—are likely to jump after state-controlled Gazprom PJSC extended a halt to flows through Nord Stream late Friday. Moscow blamed the suspension on technical problems.