European Gas Gains as Norway Outage Adds to Loss of Russian Flow
- Storage sites are being depleted at fastest rate since 2021
- Norway’s Hammerfest LNG plant shut due to compressor failure
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European gas gained on the first trading day of the year as the loss of a key supply route coincided with freezing temperatures across the north of the region and an unplanned disruption in Norway.
Benchmark prices rose to close at the highest since October 2023 on Thursday. Russian gas deliveries across Ukraine halted on New Year’s Day after a transit contract between the two warring nations expired, with no alternative in place.