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European Gas Prices Jump as Supply Risks Add to Storage Concerns

  • Norwegian field curbed capacity due to a compressor failure
  • Shell CEO sees turbulent period ahead on tightening supply
Europe may struggle to tap LNNG to replace missing Russian supply.

Europe may struggle to tap LNNG to replace missing Russian supply.

Source: Bloomberg

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Natural gas prices in Europe rose to the highest level in almost two weeks amid risks that the supply situation could deteriorate as countries race to fill storage sites. 

Benchmark prices in the Netherlands extended gains to as much as 10% after Norway’s Martin Linge field reduced capacity due to a compressor failure. The July contract, which expires on Wednesday, settled about 8% higher at 139.59 euros a megawatt-hour.