European natural gas prices halted their rally after Norway’s oil and gas unions agreed to end a strike and Germany took steps to ease its supply crunch. Europe is facing its biggest energy crisis in decades, with Russia — the region’s primary supplier — curbing shipments as tensions mount over the war in Ukraine and related sanctions. The prospect of crimped supplies from Norway had helped boost prices.
A walkout at several projects on Saturday was set to eventually impact 56% of the country’s gas exports and cut supplies to the UK. Separately, Germany’s cabinet on Tuesday rushed through legislation allowing it to rescue struggling energy companies, in an effort to limit the effects of a supply crunch. The measure, which goes to parliament this week, includes a mechanism to pass on part of the surging cost of gas to consumers, though that won’t be enacted immediately.
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