Norwegian gas leak sparks UK futures price spike

News that a major Norwegian gas pipeline could be closed for the entire winter immediately fuelled a 15% spike in UK gas futures prices listed on ICE Futures Europe from 90.75 pence per therm to 104 pence per therm on 21 August.

StatoilHydro, Norway's national oil company, says the leak in the pipeline that brings gas onshore from the Kvitebjorn offshore field would not be repaired until spring 2009.

The closure would mean 20 million cubic metres of gas would be lost per day, which is about 5% of

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