European Natural Gas Prices Surge as Norwegian Supply Disruptions Continue

The Commodities Feed: European gas rallies

European natural gas prices saw significant strength yesterday as we move closer towards the official start of the heating season, whilst there have also been further disruptions to Norwegian gas flows.

 

Energy – European gas rallies

European natural gas prices saw further strength yesterday with TTF rallying by 11.69% to settle at a little over EUR44/MWh, its highest level since April.

Further disruptions to Norwegian supply appear to have provided a boost, with the Troll field seeing a delayed startup after a compressor test. The outage is affecting about 25mcm/day of capacity. This is happening at a time when there is also a planned outage at the Skarv field, impacting a little over 22mcm/day of capacity.

However, fundamentals in the short term remain comfortable, with European gas storage 95% full as we head closer to the start of the new gas year, which officially gets underway on 1 October.