Hopper til 70 euro: Høyeste gasspris siden mars

The European gas price has soared to 70 euros per megawatt hour for the first time since 19 March, according to Infront. The price briefly spiked to 74 euros earlier this week. European gas storage levels are lower than usual, and disruptions in the Hormuz Strait are affecting the cost of liquefied natural gas (LNG) imports from Qatar.

Following Russia's suspension of gas supply to Europe, several countries have established terminals for LNG imports. This has increased flexibility but has also raised concerns about growing dependence on U.S. supplies. The European gas price also impacts electricity prices in Europe. Higher electricity costs could affect Norway's electricity prices as well.

The Norwegian Petroleum Directorate warned on Thursday that they will require reporting from hydroelectric producers in the import-dependent Mid-Norway region to monitor the power situation. This may become relevant in several regions. Uniper CEO Michael Lewis told E24 last week that the Hormuz Strait closure has cut about a fifth of the world's LNG supply.

"It's critical that we find a diplomatic solution," he stressed. Lewis noted that the price is roughly double what it was before the Hormuz Strait closure. "It's worrying for all, not just for Europe, but for the entire world," he added. Europe hopes for a mild winter, says Aker BP CFO Torbjørn Kjus at the oil and gas conference ONS this week.

"That's what we need." In Norway, water reservoirs have also dropped. "We have to brace ourselves," he said. Kjus also pointed out that the gas price in Europe earlier in the week equated to an oil price of around $128. By comparison, the gas price in the U.S. is about $16 per barrel.