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(Bloomberg) — European natural gas resumed gains after China said it’s evaluating possible trade talks with the US, driving a broader market rally.
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Benchmark front-month gas rose as much as 2.4% Friday, erasing earlier losses. Volatile trading in recent days has left futures up 1.2% on the week.
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In a sign of a possible thaw, China’s Commerce Ministry said it’s assessing the potential for talks, fueling a rally in global stocks and wider energy markets. Fears over trade tensions — and their impact on energy demand — have weighed on prices since the US unleashed a slew of tariffs, with gas down 20% in a month.
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In Europe, summer gas is trading at a small discount to winter contracts, spurring traders to refill inventories. They’ve been helped by a drop in demand in Asia, where liquefied natural gas imports are down 10% from a year ago, freeing up supplies for other buyers.
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“Europe is making reasonable progress in replenishing its underground stocks,” Erisa Pasko and James Waddell, analysts at Energy Aspects Ltd., wrote in a note. Yet they see risks of price spikes next winter, citing the loss of Russian flows, potentially lower inventories and the retirement of coal-fired power plants.
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There have been recent talks in the European Union about easing the bloc’s gas-storage targets, prompting speculation among some traders that they won’t have to buy so much fuel to replenish stocks this summer. For now, Europe is steadily injecting volumes into storage.
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Dutch front-month futures, Europe’s gas benchmark, gained 2.12% to €32.83 a megawatt-hour at 10:14 a.m. in Amsterdam.
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