Bloomberg: European gas jumps 13% as unplanned Norwegian outages cut supply

European natural gas prices surged as Norwegian flows slumped amid unplanned outages.

Gas traders have stayed tuned to notices from Gassco AS amid planned seasonal maintenance, which was supposed to ease in June, Bloomberg reports.

Any unplanned events or extensions to works have an out-sized impact on the market because of Norway’s pivotal role in securing the fuel for Europe, after most Russian pipeline supplies were halted following the invasion of Ukraine.

Flows into UK’s Easington terminal, which receives Norwegian gas, and Norway’s Nyhamna gas production plant are unavailable after upstream and downstream restrictions. The duration of the outages is uncertain, network operator Gassco said.

Benchmark futures advanced as much as 6% on Monday. UK prices also rose.

Dutch front-month futures, Europe’s gas benchmark, rose 5.05% to €35.95 a megawatt-hour at 8:18 a.m. in Amsterdam.