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(Bloomberg) — European natural gas edged lower as traders digested US President Donald Trump’s threat to hit Russia with financial penalties if there’s no deal on peace in Ukraine.
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Benchmark futures hovered near €35 a megawatt-hour after Trump threatened to impose “severe tariffs” of about 100% if Russia doesn’t strike an agreement to end hostilities within 50 days. For now, market participants don’t see the pressure posing a meaningful obstacle to Moscow’s energy exports.
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The penalties — which a White House official said could come either in the form of secondary sanctions or tariffs — would target buyers of Russian supply such as India and China. If implemented, that could tighten global energy flows, complicating Europe’s efforts to build up sufficient gas reserves ahead of winter.
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The 50-day deadline helped to keep more immediate supply concerns at bay.
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Traders are closely watching Europe’s stockpiling campaign after its fuel inventories dropped to a three-year low this winter. Gas prices have gained in recent days as heat waves in Asia boosted demand for liquefied natural gas there, threatening to raise global competition for the vital fuel.
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While LNG imports to key markets in Northwest Europe remain above last year’s levels, volumes eased last week. In contrast, mainland China and Taiwan saw a recovery in weekly purchases, according to BloombergNEF.
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Dutch front-month futures, Europe’s gas benchmark, traded 1.1% lower at €35.07 a megawatt-hour by 8:48 a.m. in Amsterdam.
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