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| Gas prices in Europe are rising again. Liquefied natural gas tanks at a terminal in southeastern England. (Source: CNN) |
Thus, after many months of decline, natural gas prices this month in Europe increased by more than 50%.
The rise in gas prices in Europe was mainly due to longer-than-expected maintenance of major gas plants in Norway.
Natural gas prices in Europe are still much lower than they were last summer, when the region was locked in an “energy war” with Russia following the conflict in Ukraine.
Still, the recent price surge shows how sensitive European markets are to disruption, said Bill Weatherburn, an economist at Capital Economics.
Earlier this week, Gassco, Norway's gas system operator, said plans to shut down one of its gas processing plants would be extended until July 15.
The plant was previously scheduled to resume operations on June 21. Two other gas plants will remain closed indefinitely to address “processing capacity issues.”
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