European Natural Gas Prices Tumble After Leak at Major LNG Plant is Fixed
gas prices surged as much as 9% on Thursday. A gas leak at a major European liquefied natural gas plant has caused prices to surge as much as 9%.
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A LNG ship is parked near the island where Equinor, a Norwegian company, has constructed a natural-gas facility. The company announced Thursday that it had fixed a leak in a liquefied gas plant. (Fredrik Varfjell/Agence France-Presse/Getty Images)
Gas leaks at Europe's one major plant for liquefied gas have caused prices to spike, showing how energy traders in the region are still jittery about supply shocks.
The benchmark European natural gas price spiked Wednesday. The prices then dropped almost 11%, to EUR24.33 or approximately $25.99 per megawatt-hour, on Thursday after Norway's Equinor announced that it had stopped the leakage at its Hammerfest Liquefied Natural Gas plant.
The European gas price is on track to reach its lowest level since mid-2021, thanks to the decline of Thursday.
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