European gas prices hit peak for year on Norwegian production outage

Increase highlights continuing vulnerability of market to supply disruptions

European gas prices have climbed to their highest level of the year, as a production outage in key supplier Norway exacerbates market concerns over tensions in the Middle East. Europe’s main gas benchmark, the Amsterdam-traded Title Transfer Facility, rose as much as 3.6 per cent to €43.68 per megawatt hour — the highest since December last year.

Norway has supplanted Russia as the EU’s top gas supplier, providing about 30 per cent of the bloc’s overall imports. Europe has also replaced Russian pipeline supplies with seaborne liquefied natural gas imports. The latter are sensitive to tensions between Israel and Iran, given 20 per cent of global LNG supplies pass through the Strait of Hormuz.

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