European Gas Prices Surge 13% Amid Norwegian Outages

Jun 3, 2024, 09:46 AM

European natural gas prices surged as Norwegian flows slumped amid unplanned outages. Norway's Langeled pipeline gas export to Britain was halted due to an outage at the offshore Sleipner field, according to operator Gassco. The Nyhamna gas plant and the UK's Easington terminal were also hit by outages. European gas prices, which now rely on Norway for 30% of their supply following a drop in Russian supply, jumped 13% due to these disruptions. Norway has become the single largest supplier of natural gas to Europe, and the surge in prices highlights the fragility of the European gas market and its increased reliance on a smaller pool of supply sources.