(Bloomberg) -- European natural gas surged following a notice that Norway’s giant Troll field will halt on Wednesday, adding to supply risks from the region’s top supplier.
Benchmark futures settled 6.7% higher, the biggest daily gain so far this month. The field’s ramp-up, following prolonged maintenance, is being delayed due to “process problems,” according to network operator Gassco AS.
Flows should recover during the next few days, but available capacity will remain lower than initially planned until Saturday, it said. Troll’s work schedule has been revised multiple times in recent weeks.
Traders are also looking ahead to Sept. 22, when an Australian labor regulator is set to hold a hearing on strikes at Chevron Corp. liquefied natural gas facilities in the country. Further disruptions to LNG supplies could tighten the global market for the fuel.
Meanwhile, temperatures are set to remain mild across the region, limiting gas consumption with the heating season still a few weeks away. Inventories are also more than 94% full, far above the seasonal average, providing a buffer to any immediate supply threats.
Dutch front-month futures, Europe’s gas benchmark, rose to €36.78 a megawatt-hour, the highest settlement in almost a week. The UK equivalent contract also jumped.
--With assistance from Elena Mazneva.
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