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Norway's gas exports to Europe fell sharply on June 3 after a shutdown of the Sleipner hub halted operations at the Nyhamna processing plant, caused by a pipe crack. The Dutch front-month contract rose 7.2% to 37.08 euros/MWh, its highest level of the year.
A supply loss from Norway tightens European gas supply and raises gas-fired power and fertilizer costs, supporting European gas prices and increasing demand for US LNG.
reuters.comNora BuliJun 3, 2024After 54 past bullish logistics events, Natural Gas moved a median -1.8% over 5 sessions (43% higher; middle half -5.7% to +6.2%), and +5.1% over 20.
After 146 past neutral events of any kind, Euro (USD per EUR) moved a median -0.1% over 5 sessions (45% higher; middle half -0.5% to +0.5%), and -0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
