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European Gas Prices Down Amid Maintenance Extension

British and Dutch wholesale gas prices were down on Friday as a continued outage extension in Norway caused by maintenance work dampened the market outlook. While strikes have continued to rock the Australian LNG plants of Gorgon and Wheatstone, production has continued at the two facilities which are responsible for more than 5% of the global LNG supply.

The British October contract declined by 2.10 pence to 87.00 pence per therm on Friday morning, while the Dutch October contract was down 0.22 euros to 35.03 euros per megawatt hour.

Nordic power exchange Nord Pool announced on Friday that the start date for the Troll gas facility will be delayed to September 18. Despite this setback, Norwegian exports are up by 15 million cubic meters per day. In Australia, both plants LNG exports continued on Friday despite ongoing strikes, thereby sustaining supply levels.

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