European natural gas prices are decreasing as supplies from Norway surge – Bloomberg
Moderate demand and increased storage volumes helped to keep prices under control
European natural gas prices fell as supplies from Norway surged due to the completion of large-scale maintenance. The benchmark contract dropped 7.5% after suffering its biggest weekly fall of the year on Friday – 22%.
This is reported by Bloomberg.
Work at the Nyhamna gas processing plant ended on Saturday as planned. The shutdown lasted more than a month longer than initially planned, and delays led to periods of high volatility in the market in recent weeks.
"Supplies of Norwegian gas are crucial for keeping the fragile market in balance as Europe rebuilds its energy security in the absence of most pipeline shipments from russia. Liquefied natural gas flows have eased from previous months but continue to play a key role," the publication writes.
Background. Earlier, Mind reported that, according to Bloomberg, gas prices in Europe continued to fall.
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