Norway and Russia are big winners from Europe’s gas price rally as they benefit from volatility after the European Union forced their gas producers years ago to shift away from steady, long-term contracts, according to sources, analysts and data. Benchmark European gas prices have soared 300% so far this year with demand rocketing as economies recover from COVID-19 lockdowns and supply struggling to keep pace due to repairs and sliding gas investment amid a drive towards renewable power. The price surge comes two decades after the EU liberalized its gas market, prompting a shift to more short-term, flexible contracts based on prices for gas traded on exchanges or hubs. That move helped broaden supplies, which now include U.S. and Qatari gas. It also meant established suppliers, Russia’s Gazprom (GAZP.MM) and Norway’s Equinor (EQNR.OL) , which together account for 60% of Europe’s needs, moved away […]