Gas price surge to three-month high amid Russian supply concerns and strikes in Norway

Offshore workers in Norway will go on strike today in a move which will cut oil and gas output in the North Sea. It is thought the potential strike action could cut oil output by around 89,000 barrels per day and gas output by 27,500 boepd, according to Oslo’s state-owned oil and gas producer Equinor.

The Norwegian Government has said it could intervene if there were exceptional circumstances and confirmed it is following the conflict “closely”.

According to Refinitiv, British day-ahead wholesale gas rose to 288p per therm.

The newest estimate is up from 167p at the end of last week.

Prices spiked to 321.97p following Vladimir Putin’s invasion of Ukraine on February 24.

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