Planned maintenance in Norway and ongoing geopolitical tensions are expected to push natural gas and LNG prices higher in the near term, but new LNG projects could bring stability in the long run.
Norwegian maintenance and concerns about supply due to the conflicts in the Middle East and Ukraine will support near-term natural gas and LNG prices, RBC Capital Markets said in a note on Thursday. All these factors move “the risk barometer a notch higher” this summer, the bank said. Maintenance and unplanned outages in Norway , Europe ’s single largest natural gas supplier, are the price drivers to watch this summer, according to RBC Capital Markets.
The unplanned outages highlighted the vulnerability of Europe relying on natural gas imports as Norway became Europe’s top gas supplier after the Russian invasion of Ukraine and the slump in Russian gas exports to the EU. More recently, the price hit last week its highest level this year amid concerns about a possible halt to Russian pipeline supplies via Ukraine.
LNG Prices Europe Norway Maintenance Supply Concerns Ukraine Conflict Russia Pipeline RBC Capital Markets
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