European Gas Soars 16% as Norway Outages Spark Supply Jitters
- Key Norwegian gas facilities have further extended outages
- Futures reversed earlier declines with market still volatile
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European natural gas futures rose sharply on Tuesday after outages were extended at key Norwegian gas facilities.
Month-ahead Dutch benchmark futures settled 16% higher, reversing earlier declines, with shipments from the Nordic country now set to remain limited until the middle of July. It’s not the first extension of the works that began last month, deepening uncertainty over Europe’s gas supply in coming weeks.