Norway Gassco raises planned gas production shutdown scale

(1) Norwegian natural gas system operator Gassco on Friday revised the details of the planned shutdown at the Oseberg facility. (2) The scale of the shutdown has been adjusted to a reduction of approximately 15.7 million cubic meters, previously guided at a reduction of about 9.7 million cubic meters. (3) The shutdown will begin at 6:00 a.m. local time on October 23 and is expected to end at 6:00 a.m. on October 24. (4) From a market sentiment perspective, the increase in the scale of the shutdown means a tightening of short-term supply, which may provide marginal support for European natural gas prices. Subsequent attention will focus on whether the shutdown ends on time and its impact on the pace of replenishing European inventories.