According to the International Finance News APP, Europe's natural gas market is at a critical moment as Norway's massive natural gas industry is about to start its annual large-scale maintenance.

Starting from late August, Europe will face a natural gas shortage for about three weeks, equivalent to the daily natural gas demand of Italy or France. Although it is common practice to perform maintenance on natural gas facilities in the usually lower-demand summer, this time the risk is high due to significant price fluctuations.

This summer, the European natural gas market is particularly sensitive to supply disruptions, as heatwaves in other parts of the world intensify competition for this fuel. Traders are preparing to deal with possible interruptions in Russian supplies following the invasion of Ukraine at the Russian border, while escalating conflicts in the Middle East could bring more trouble.

Florence Schmit, European Energy Strategist at ABN AMRO Bank, said: "Europe is in trouble. Any deviation from seasonal maintenance plans could lead to significant fluctuations in natural gas supply, resulting in market price volatility, especially this year."

Since the outbreak of the Russia-Ukraine conflict two years ago, Norway has replaced Russia as the largest natural gas supplier to Europe, heavily reliant on Norway's national oil company.

Norway has replaced Russia as the largest natural gas supplier to Europe.

In the previous maintenance rounds, changing plans is very common. Maintenance requires careful balancing of pipeline pressure, and the complexity of the facilities and the harsh environment in the North Sea mean that discovering additional work is not uncommon.

Last summer, the importance of maintenance season for European energy security was evident, with unplanned maintenance at some facilities in Norway leading to price surges. Recently, in early June, a pipeline at the Sleipner Riser gas field developed a small crack, causing a supply disruption to the United Kingdom and resulting in a spike in natural gas prices.

Gassco AS System Operations Senior Vice President Alfred Skar Hansen said: "You always see situations that don't go according to plan; some tasks may take longer or shorter, which can have a ripple effect on the remaining work." Gassco AS operates the large Karsto facility in Norway and is responsible for the country's pipeline network.

Karsto is one of the facilities that will be completely shut down during maintenance, and the giant Troll gas field overseen by the Norwegian National Oil Company will also reduce production. Over the next three weeks, Norway's daily natural gas production will decrease by 0.12 billion cubic meters, about a third of the flow normally sent to Europe.

Norwegian National Oil Company spokesman Gisle Ledel Johannessen said: "We have assessed the risks to ensure minimal production losses. This autumn's maintenance and inspection activities are fairly normal, and we are well prepared."

The positive side is that Europe's gas storage levels are more abundant compared to the same period in previous years, reaching the critical 90% threshold two months ahead of schedule. Europe has also rapidly expanded renewable energy capacity and built liquefied natural gas infrastructure to import fuel from elsewhere.

Despite this, Europe still has a few weeks until the official start of the heating season, when demand typically rises, and Europe also faces intense competition for liquefied natural gas from Asia and other regions. If issues arise, this could lead to price increases for the industry and consumers.

Gassco's Hansen said: "When accidents happen, challenges arise. It is very difficult to be prepared for everything."