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(Bloomberg) — European natural gas extended declines as further talks planned between US and Russia over Ukraine eased concerns about risks to global energy flows.
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Benchmark futures hovered near the lowest in more than a week after losing more than 3% on Wednesday. Presidents Vladimir Putin and Donald Trump will meet for direct talks within the next few days, the Kremlin said on Thursday.
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While Trump earlier this week doubled tariffs on Indian goods to 50% to punish its purchases of Russian oil and floated similar options for China, his threats have steered away from gas so far. They’ve also drawn overall skepticism as to how far the president will go to punish trading partners.
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The continent competes with other buyers for supplies, and would have been affected by actions that tighten the global pool of gas. Yet for now, Europe has managed to attract plentiful gas flows ahead of winter, leaving it more capable of weathering small supply jitters.
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“With India’s Russian oil purchases targeted with the last executive order, gas markets can continue to trade rangebound until Norwegian gas maintenance hit supplies,” said Florence Schmit, a strategist at Rabobank in London. Norway, Europe’s top gas provider, is scheduled to cut supplies for seasonal works later this month and into September.
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Trump has threatened Russia with penalties and secondary tariffs unless it agrees to a peace deal with Ukraine by Aug. 8. On Wednesday, he said there was a “very good chance” he would meet with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy soon.
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Dutch front-month futures, Europe’s gas benchmark, traded 1% lower at €32.85 a megawatt-hour by 10:32 a.m. in Amsterdam.
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