European gas rises further as supply woes deepen

Norwegian supply is becoming increasingly important for the continent after shipments from biggest provider Russia slumped amid the invasion of Ukraine

Russia’s exports dropped to multiyear lows earlier after a number of European buyers refused to comply with the Kremlin’s demand to be paid in rubles for pipeline gas supplies. Picture: Stefan Sauer/dpa via AP

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 as much as 10% on Monday. About 13% of Norway’s daily gas exports are at risk amid plans to escalate an impending strike by managers, the nation’s oil and gas lobby warned over the weekend. Three fields are set to be shut by the strike starting Tuesday, while planned action the following day would take out another three projects.