European gas prices slump as rising stocks counter Russian risks

The EU has met its gas storage filling goal two months ahead of target, providing some relief after last week’s rally in gas prices. Photograph: Stephanie Lecocq/EPAEuropean natural gas erased earlier gains, with traders weighing risks to Russian supplies against the continent’s drastic efforts to curb the energy crisis.

The European Union has met its gas storage filling goal two months ahead of target, providing some relief after last week’s rally. Yet, concerns are widespread that Russia may find another excuse to clamp down on exports to the continent, with its key Nord Stream pipeline to Germany halted on Wednesday for three-days of maintenance.

“The ahead-of-schedule injections are providing some relief, Wei Xiong, senior analyst at Rystad Energy, said in a note. “The risk to European winter supplies remains, however — given low transmissions from Russia.”

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