Europe's natural gas prices jumped amid fears over Norway strikes adding to an already stressed European markets.
Natural gas prices in Europe surged on Monday to their most expensive since the early stages of Russia’s invasion of Ukraine as proposed strikes in Norway increased fears about inadequate supply.
Natural gas on the Dutch-based TTF trading hub at one point rose more than 10% to change hands above 160 euros a megawatt-hour for August futures. A year ago the product traded for 22.4 euros. Moscow has responded to sanctions imposed over its invasion of Ukraine by slashing shipments through its Nord Stream pipeline by 60% in June.
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