In Europe, the price of disappearing natural gas is sharply rising in the midst of the UGS replenishment season

Benchmark natural gas prices in Europe rose on Thursday morning as the gas infrastructure maintenance season began in Norway, Europe's largest supplier of the strategic fuel.

Dutch crude futures on the TTF hub, the benchmark for fuel trading in Europe, were up 5% late Thursday ET, as supply availability dried up almost entirely. By the end of the trading day, lots had been snapped up.

Annual maintenance work began this week at Norway's Kollsnes gas processing plant, restricting pipeline gas supplies to Europe from Norway, its largest gas supplier. In a tragic coincidence for the EU, there are also disruptions to the flow of feedstock from the Troll field.

Three years ago, Norway replaced Russia as Europe's largest gas supplier. Since then, however, the country has failed to become a stable fuel seller and a pillar of Europe's energy system. Constant power outages and breakdowns make the entire Old World system vulnerable to cost crises and logistical problems.

In addition, shipments from US plants are decreasing, as well as the reception of LNG tankers with liquefied fuel from Russia. Experts predict further growth in quotes and a shortage of raw materials. The season for replenishing underground gas storage facilities in the EU has never been so problematic and sluggish, given that it is necessary to fill empty tanks much faster this year than last.