European gas prices fall as strike ends in Norway

Natural gas

Natural gas prices fell in Europe on Wednesday after workers in the oil and gas sectors in Norway ended their strike that began on Tuesday.

The strikes prompted the Norwegian energy company Equinor To close three oil and gas fields, with other measures announced on Saturday.

However, later on Tuesday, the government announced that it had imposed a forced settlement for the workers, and referred the case to an independent board..

UK natural gas futures for August delivery fell 10.48% to 290 pence per British thermal unit, after seeing a further decline earlier in the day to 247 pence.

The significant decline comes after the record rises in British natural gas contracts, following Russia’s cut in gas supplies to the old continent, as well as before those strikes in Norway, which is the largest natural gas distributor in the continent.

British gas contracts witnessed an increase of 90.77% during the month ending today, while it rose by 228.16% during this year.

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