* . * . . .
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Cookie Privacy Policy
  • DMCA
  • California Consumer Privacy Act (CCPA)
Wednesday, August 27, 2025
Love Europe
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Sports
  • Travel
No Result
View All Result
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Sports
  • Travel
No Result
View All Result
Love Europe
No Result
View All Result
Home Norway

European Natural Gas Prices Drop on Norway Outage Update

October 5, 2024
in Norway
European Natural Gas Prices Drop on Norway Outage Update
Share on FacebookShare on Twitter
ADVERTISEMENT

European natural gas prices eased after soaring earlier in the week on the news of a production outage in Norway after reports emerged that the outage would be over by Friday.

The Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, surged by 10.4% to $40.94 (37.78 euros) per megawatt-hour in midmorning trading on Monday after Norwegian natural gas flows dropped sharply. That was the highest price at Europe’s gas hub since December.

The UK benchmark gas prices also soared by 15% as supply from Norway to Britain was crippled.

The outage was attributed to “an incident at the Sleipner Riser platform on Sunday, where we were told they are shutting down,” Alfred Hansen, head of pipeline system operations at Gassco, a Norwegian pipeline operator, told Reuters on Monday morning.

According to Gassco, the incident was a crack in a pipeline carrying natural gas from the Sleipner Riser platform to a processing facility.

The outage lifted gas prices outside of Europe, too, on concern about supply shortages that would suck more U.S. liquefied natural gas into Europe, reducing availability for Asian buyers and for the domestic U.S. gas market. However, it mostly highlighted Europe’s vulnerability to natural gas price swings due to its heavy dependence on imports.

“The outages once again highlight the risks on the European gas market, which is still highly dependent on individual producer countries,” the head of commodities research at Commerzbank, Thu Lan Nguyen, said in a note as cited by Reuters.

In April, portfolio managers boosted their bullish bets on Europe’s gas prices to the highest level in six months. Money managers have been concerned that unplanned outages in Norway during the summer, higher natural gas demand in Asia, and the end of the current gas transit deal for Russian pipeline gas to flow via Ukraine at the end of 2024 could sap gas supply for Europe and boost prices.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Source link : https://oilprice.com/Latest-Energy-News/World-News/European-Natural-Gas-Prices-Drop-on-Norway-Outage-Update.html

Author :

Publish date : 2024-06-05 07:00:00

Copyright for syndicated content belongs to the linked Source.

Tags: EuropeNorway
ADVERTISEMENT
Previous Post

War a real threat and Europe not ready, warns Poland’s Tusk

Next Post

North Macedonia country profile – BBC News

Related Posts

Norway

Crown Princess Mette-Marit Shows Visible Strain in First Public Appearance Following Son’s Serious Legal Charges

Norway

Norway spy chief blames Russian hackers for dam sabotage in April – Reuters

Norway

Marius Borg Høiby, Son of Norway’s Crown Princess, Faces 32 Charges Including Multiple Counts of Rape

ADVERTISEMENT

Highlights

Delta’s Next European Destination: Ibiza, Malta, or Sardinia? You Choose!

PPC Renewables begins turbine installation at largest wind farm in Romania’s Moldova region – Romania Insider

Racing’s Coolest Icon Returns: The TAG Heuer Monaco x Gulf Makes a Stunning Comeback

FIBA EuroBasket 2025 Preview: Montenegro – fiba.basketball

Strawberry Harvest in the Netherlands Doubles Over 15 Years Despite Shrinking Acreage

Categories

Archives

October 2024
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Sep   Nov »
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Cookie Privacy Policy
  • DMCA
  • California Consumer Privacy Act (CCPA)
No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2024 Love-Europe

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version