Any disruption in gas supply can potentially cause price spikes as the market is “still very tight”, Irene Rummelhoff, Equinor’s head of marketing, midstream and processing, said during an energy conference in Oslo.
She cited the strikes at Chevron’s liquefied natural gas sites in Australia as an example. As a result, gas prices in Europe surged nearly 30%, despite that the disruption was “small” if measured by quantity.
“It goes to show that the market is still very nervous and small supply disruptions can really cause price spikes,” she noted.
The shares of Equinor ASA (EQNR) were last losing 1.12% (NOK 4.00) to trade at NOK 352.75 in Oslo on Wednesday, while reversing a gain from the prior market session.
The total market cap of Europe’s largest gas supplier now stands at NOK 1.047 trillion.
The shares of Equinor ASA have edged up 0.27% so far this year.
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