European Gas Prices Slip Ahead of Trump-Putin Talks on Ceasefire

(Bloomberg) -- European natural gas prices slipped as warming weather forecasts and planned talks between US President Donald Trump and Russian leader Vladimir Putin appeared to bolster prospects for the region’s supply balance.

Benchmark futures declined as much as 2.1% on Monday and hovered between €41 and €42 a megawatt-hour, a range they’ve traded in for most of the past week. 

Efforts to end the war in Ukraine have raised speculation that pipeline flows from Russia could return to the continent, which is in need of supplies after draining large parts of its reserves this winter. Trump said he’ll speak with Putin on Tuesday, and the Russian leader has already dangled the idea of restarting some fuel shipments — though actually doing so might not be so straightforward.

“Current talks focus only on a ceasefire, not a comprehensive peace deal,” said Arne Lohmann Rasmussen, chief analyst at Global Risk Management. “A final agreement is unlikely for several months or even this year.”

Meanwhile, a cold snap that engulfed the region is set to end by the middle of the week, providing relief to inventories that are now only 35% full. Weaker demand for the fuel in Asia is also helping Europe access cargoes of liquefied natural gas.

Dutch front-month futures, Europe’s gas benchmark, fell  to € a megawatt-hour at 9:16 a.m. in Amsterdam. 

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