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(Bloomberg) — European natural gas edged lower as prospects for energy demand fail to keep pace with the outlook for supply.
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Benchmark futures fell as much as 2.1% on Monday before paring paring some of those losses. Oil — to which some gas contracts are linked — fell on concerns of a global glut after OPEC+ agreed to increase output, adding to supply at a time when demand is challenged by the trade war.
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Fears over trade tensions and their impact on global energy demand have weighed on prices since the US unleashed a slew of tariffs, with European gas futures losing more than 20% in April. While the drop appears to have revived demand in Asia — which competes with Europe for fuel cargoes — concerns about an economic slowdown in both regions continue to weigh on prices.
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US President Donald Trump suggested that his administration could strike trade deals with some countries as soon as this week, but also said he had no plans to speak with his Chinese counterpart Xi Jinping. China has been the focus of Trump’s tariff campaign, leading Beijing to retaliate against US levies.
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Separately, Bloomberg reported the European Union is set to propose measures to ban Russian gas imports by the end of 2027 as it pushes to sever ties with its former biggest energy supplier. The plan is expected to have a limited effect on prices and energy security, given the large amounts of liquefied natural gas that are set to come to the global market over the coming years, people familiar with the matter said.
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Meanwhile, strong renewables output in Europe has also weighed on demand for fossil fuels in recent days, allowing more gas to be stockpiled in preparation for next winter. The region’s storage sites are now more than 40% full, although that’s still below the average of about 50% for the past five years.
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Dutch front-month futures, Europe’s gas benchmark, traded 0.7% lower at €32.84 a megawatt-hour as of 10:00 a.m. in Amsterdam.
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