European gas prices surged over 12% on Monday morning, following unexpected disruptions in Norway.
Europe, having distanced itself from Russian natural gas, relies heavily on Norway for its gas supply, resulting in price fluctuations whenever there are disruptions in the Norwegian supply chain.
This is the situation on Monday, when an unscheduled disruption at the Norwegian gas site, Nyhamna, led to zero gas flowing to the British terminal at Easington. The cause of the disruption is not yet known.
The Dutch futures market, a key indicator of European natural gas prices, saw a leap of over 12% by Monday lunchtime, reaching €38.34 per MWh.
