U.K. Gas Jumps to Seven-Year High as Norway Outage Cuts Supply
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U.K. natural gas for within-day delivery jumped to the highest level since March 2006 as Norway cut supplies following a power failure at its Ormen Lange gas field, Europe’s third-largest.
The contract climbed as much as 64 percent, the biggest gain since January 2010, according to broker data from Marex Spectron Group Ltd. on Bloomberg. Production from Royal Dutch Shell Plc’s Nyhamna gas processing plant in northern Norway, which handles fuel from Ormen Lange, is reduced by 53 million cubic meters a day today and 37 million tomorrow after storms caused a failure in the national power grid, according to Gassco AS. Output was cut by 57 million yesterday and 32 million on March 2, it said.