European gas prices rise as market resumes focus on supply risk

Europe is facing its biggest energy crisis in decades, with Russia -- the region’s primary supplier -- curbing shipments as tensions mount over the war in Ukraine and related sanctions. Picture: Andrey Rudakov/Bloomberg

European natural gas prices reversed an earlier decline, as traders again weighed the risk of supply disruptions against the swift resolution of a labour strike in Norway.

Benchmark futures are now on course for a sixth consecutive increase, with the prompt contract more than doubling in value over the past month.