The European gas price fell on Wednesday after the end of a short-lived strike in the Norwegian energy sector. This brings an end to a series of five days of gas price increases in a row.
Norway is a major supplier of gas and a long strike could affect supplies to Europe.
The price for gas on the gas exchange, which is a benchmark for European prices, fell by more than 6 percent on Wednesday morning to around 154 euros per megawatt-hour. The Norwegian government has mediated between unions and employers in the oil and gas sector to end a strike that started Tuesday.
A proposal to have the dispute between unions and employers assessed by a mandatory wage committee was accepted by both parties.
It was feared that the actions could affect up to 60 percent of Norwegian gas exports. Because of the Russian invasion of Ukraine, Europe is trying to become less dependent on Russian gas. Norway has therefore increased production.