EU Gas Prices Soaring Again

Natural gas prices in the European Union have shot up by more than half so far in June following months of declines, in a troubling reminder of last year’s energy crisis.
Benchmark gas futures prices have risen by 52% since the start of this month to hit €35 ($38) per megawatt hour, according to data from the Independent Commodity Intelligence Service.
Prices reversed course mainly because of longer-than-expected maintenance outages at key gas plants in Norway, analysts told CNN.
European natural gas prices are still far below their levels in last summer, when the continent found itself locked in an energy standoff with Russia following Moscow’s invasion of Ukraine. But the rapid rise in prices this month shows just how vulnerable the region remains to any supply disruption following the slump in imports from Russia.
Norway’s gas network operator, Gassco, said on its website that a planned shutdown at one of its gas processing plants had been extended until July 15. It had been due to come back on stream on June 21. Two other gas plants will remain offline indefinitely, due to “process problems.”
Last year, Norway replaced Russia as the biggest source of natural gas imports in the European Union, with more than 24% of the market, while Moscow piped 15%.