Natural gas prices in Europe continue to rise, as Dutch futures increased by 1.2% due to an unplanned reduction in capacity at a major field in Norway. This has led to a decrease in supplies from the region’s main supplier.
This is reported by Finway
According to Bloomberg, benchmark futures have risen by 2.2%, continuing a four-week streak of increases. With each passing day, traders are becoming increasingly concerned about the availability of “blue fuel,” considering the prolonged maintenance periods in Norway and the risks of rising demand in other parts of the world.
Situation with Stocks and Supplies
Europe needs to replenish its vast underground storage, as they were more depleted than usual last winter. Unexpected outages or sharp fluctuations in demand complicate the acquisition of additional supplies. While gas injection continues, prices remain volatile and react to news.
Norway has become a key gas supplier to Europe following the reduction of supplies from Russia due to the full-scale invasion of Ukraine. There have been difficulties with electricity supply at the Troll field, and scheduled maintenance is ongoing at the Nyhamna processing plant and the Aasta Hansteen field. All of this contributes to rising prices, as benchmark Dutch futures have increased by 1.2% to €36.90 per megawatt-hour.
EU’s Financial Expenditures on Energy from Russia
According to EU Energy Commissioner Dan Jørgensen, in 2024 the EU spent €23 billion on Russian energy resources, despite a significant reduction in their consumption. This amount exceeds the aid that Ukraine received from the bloc. The official also confirmed that the European Commission plans to gradually phase out Russian gas by 2027 and other energy sources by 2030.