European gas markets moved higher after reports that a liquefied natural gas (LNG) facility in Norway faced a shutdown, sending prices up about 10 percent to above $300 per 1,000 cubic meters. The surge was reflected in London ICE trading data, where the prompt and nearby contracts reacted to the news and the broader supply outlook across the region.
On the European gas curve, spot and near-term prices rose roughly 10 percent as traders reassessed expected supply availability in the wake of the Norwegian LNG plant outage. The development added to caution about winter demand and potential timing gaps between LNG shipments and regional needs, factors closely watched by buyers and policymakers across Europe and North America.
Trading activity for May and June delivery showed a noticeable swing. After opening on May 31, June futures hovered around $282 per thousand cubic meters. The leak at the Norwegian facility triggered a rapid shift in sentiment, pushing prices higher by 9.2 percent to about $304.8 per thousand cubic meters. By 13:31 Moscow time, the benchmark was quoted near $303.6, up roughly 8.7 percent from the prior session. Market participants in North America and Europe were weighing the impact of the outage against a backdrop of evolving storage levels, seasonal demand, and global LNG flows.
Commentary from analysts and industry observers highlighted how last year’s price spikes were driven by expectations of tight winter supplies. In contrast, this year’s market sentiment appeared somewhat more tempered due to a stronger sense of supply adequacy, backed by diversified gas sources and improving LNG import capacity. Yet traders remained mindful of potential volatility stemming from weather, macro headlines, and any fresh developments at key LNG facilities. These dynamics underscore the global nature of gas markets, where European prices can be influenced quickly by operational news from a single facility and by shifts in demand from major consuming regions, including Canada and the United States.
Earlier reports from Bloomberg noted a contrasting trend: European gas prices had fallen for eight consecutive weeks, marking the longest stretch of declines since 2007. The prolonged downturn, described by Bloomberg as the result of softer demand amid rising inflation and cautious global economic forecasts, suggested a period of stabilizing expectations before the latest outage news emerged. Market observers pointed to the interplay between inflation trajectories, storage and inventory strategies, and the broader energy mix, which collectively shape future price trajectories and policy considerations across North America and Europe. In this context, the Norwegian incident serves as a reminder that supply disruptions can quickly reintroduce price risk even when broader demand signals are supportive. (Source attribution: Bloomberg reporting and industry analysis.)