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(Bloomberg) — European natural gas prices continued to trade in the narrow range they’ve been stuck in for around five weeks as the region steadily boosts fuel stockpiles for next winter.
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Benchmark futures hovered near €34 a megawatt-hour after settling slightly higher in the previous session. Contracts have mostly traded between €32 and €35 a megawatt-hour since late June, with July seeing the narrowest monthly range so far this year.
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Europe is racing to stockpile enough gas for the upcoming winter, with the latest data from industry group Gas Infrastructure Europe showing storage injections jumped by the most since June last week. That’s helping to keep prices in check even though US President Donald Trump stepped up a threat to penalize India for buying Russian oil, adding to concerns about a looming Aug. 8 deadline for Moscow to reach a truce with Ukraine — or else face economic penalties.
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“Markets continue to hold rangebound, as they have done for many of the recent sessions of late,” consultancy Auxilione said in a note.
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Traders are closely watching Trump’s spat with India as his administration is threatening so-called secondary sanctions on countries that purchase Russian energy if no ceasefire is reached by this week’s deadline. Fresh penalties could force Russia’s largest buyers, including India and China, to seek alternative supplies, tightening the global market.
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That would likely require Europe to pay up to keep attracting supplies. For now, the region continues to receive steady flows, with pipeline shipments from top supplier Norway near maximum capacity ahead of seasonal maintenance later this month.
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Dutch front-month futures, Europe’s gas benchmark, traded 0.7% lower at €34.05 a megawatt-hour by 9:24 a.m. in Amsterdam.
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