European natural gas went up as worries over major facilities in Norway added to supply risks from Russia.
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After earlier swinging between gains and losses, the benchmark futures went up as much as 9.2%. Norway s Nyhamna gas project is being evacuated, Dagens Naeringsliv reported, while Norwegian police said there was an unclarified situation at the Ormen Lange facility. The Norwegian Home Guard has security at the site and police are on their way to the scene with resources. There was no other information available.
These are two major facilities that supply gas to Europe. The market already faces concerns that Russia's escalating war in Ukraine is putting at risk the last pipeline route for Kremlin gas shipments to western Europe. There is already increased scrutiny surrounding the energy infrastructure after the recent blasts at the halted Nord Stream pipeline system put it out of commission indefinitely.
The flows of Russian gas through Ukraine are stable, despite the reduced levels of the past few months. Moscow is on edge with its warnings about sanctioning Ukraine's gas operator and the barrage of missile attacks this week.
The Dutch front-month gas, Europe's benchmark, traded 4.3% higher at 167 euros per megawatt-hour by 10: 02 a.m. in Amsterdam. The UK equivalent contract added 5.8%.
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