Natural gas futures in Europe were little changed at €32 per megawatt hour, after rising more than 10% earlier, as investors monitor supplies following the short rebellion in Russia over the weekend. Gas imports from Russia to the EU, including pipeline gas and LNG imports, have been significantly reduced since Russia invaded Ukraine but still represented about 25% of the total last year.
Natural gas prices in Europe soared nearly 20% in June amid volatility related to supply and hotter weather as the summer season arrived. Several outages at Norwegian gas fields have been extended, and repair work is set to continue into July. Norway has replaced Russia as one of the EU’s largest sources of natural gas imports, accounting for around 25% of volume.
Europe’s gas storage is almost 76% full, a record level for this time of the year.