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European Gas Extends Blistering Rally as Supply Woes Deepen

  • Planned strikes in Norway threaten country’s flows this week
  • That adds to already tight supply amid curbed Russian exports
Updated on

Natural gas in Europe rose to the highest level in almost four months as planned strikes in Norway threaten to further tighten a market that’s already reeling from Russia’s supply cuts.

Benchmark futures, which have more than doubled this year, surged 10% on Monday. A strike at a number of fields in Norway, which is due to start overnight, will escalate further from July 9, if no solution in an ongoing wage dispute is found, according to a local union.