European natural gas prices jumped to a four-month high on Tuesday as oil workers in Norway launched a strike , resulting in reduced gas exports.
According to The Wall Street Journal , the benchmark pric for gas futures contracts in northwestern Europe rose 14% to €172.88/MWh (~$180) on Tuesday, its highest level since March.
The strike has reduced Norway's daily gas exports by only ~1% so far, but the reduction could rise to 56% by Saturday, according to the Norwegian Oil and Gas Association.
Three of Norway's oil and gas fields have been shut so far, but another four fields could be shut by Wednesday, and the Association said if the strike continued through Saturday, operations could cease at an additional 12 fields.
Meanwhile in the U.S., Nymex natural gas ( NG1:COM ) -0.5% at $5.702/MMBtu.
ETFs: ( NYSEARCA: UNG ), ( NYSEARCA: BOIL ), ( KOLD ), ( UNL ), ( UGAZF ), ( DGAZ ), ( FCG )
Germany's government has said gas shortfalls could trigger a Lehman Brothers-style collapse , as the country faces the unprecedented prospect of businesses and consumers running out of power .
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European gas prices push to four-month highs as Norway oil workers strike