Bloomberg: Norway Gas Scare Puts European Market on Edge
Europe’s gas market has been jolted out of its slumber.
An outage in key supplier Norway sent prices up Monday by the most this year, and uncertainty over the duration of repairs has traders on edge.
A fault on a pipe at the Sleipner Riser platform shut off operations at the country’s massive Nyhamna processing plant and curbed flows into the UK’s Easington terminal, an entry point for a third of Britain’s supply.
Futures jumped as much as 13%, showing the impact of such a disruption even with European demand still sluggish and stockpiles brimming. Prices partly recovered Tuesday on news that the halt may end Friday.
Yet the network operator has given scant detail on the repair plan, and past outages at Norwegian facilities have often been extended.
I’m not a good person. I rather hope that some terrible tragedy falls upon at least of portion of Europe for their all-or-nothing swan dive into a Green Energy “future”. The reason for my callous desire is out of self-preservation – if they experience some truly horrible consequence, then maybe it will wake up the sleepy normies in this country to actually start voting against following the same path of destruction.
In that case, I guess there are a lot of us who aren’t a good person.
I’ve been expecting that far worse people than you two saints are going to do some eco-terrorist shit.
Radicals either give up or lose their patience.
Somebody just made 13% on their futures contracts….
Indeed …. they need to do a thorough inspection! I suspect there is climate change corrosion on all the thing-a-ma-bobs & doo-hickeys!! Therefore more down time and windfall profits 😉
There’s no business case for Communists. Ever.
I kept predicting Europe would freeze in the winter but I could not have predicted the Europeans would have bought Russian natural gas while shipping tanks to Ukraine. Such is the attitude of Europe which wants to live and die at the same time. If Norway stumbles, Russia will be at the back door in a trench coat. Bring money.
the business case was non existent hydrogen from non existent windmills in a third world regime , newfoundland
i had a hydrogen project once , not fun . not easy .
Did you know that the largest NG storage facility in Europe was built by the Soviets in Ukraine, Europe still uses it, and every time we piss off Putin, he takes out a couple more tanks.
It’s the market that’s nervous. The politicians are still oblivious, or bought. Or both.
An outstanding demonstration project that will show ALL OF US how well the energy transition is proceeding.
Lest we forget.
https://ca.finance.yahoo.com/news/trudeau-called-out-for-missing-crystal-clear-business-case-for-lng-exports-170144276.html
Well, in Canada a “business case” is filled with small unmarked bills and left on a prominent Liberal’s desk. So, if they can’t make the business case, they have only themselves to blame.