EU gas prices rise amid production cuts at Norway’s Troll field

European natural gas prices extended gains after an unplanned production cut was announced at Norway’s Troll field, which has reduced the country’s energy supplies to the EU, Bloomberg reports.

On Monday, fuel prices rose by 2.2%, marking their fourth consecutive weekly gain. Traders expressed heightened concerns about gas availability amid extended maintenance at Norway's facilities. The country is the region’s key energy exporter.

Last week, the Troll field suffered from issues with external power supply. Planned maintenance works at the Nyhamna processing plant and the Aasta Hansteen deposit still continue, Bloomberg notes.

Meanwhile, the EU needs to replenish its underground gas storage facilities. Unexpected operational disruptions and demand spikes complicate the bloc’s efforts to secure additional fuel supplies.