Europe Gas Steadies as Traders Eye Supply, Ukraine Developments

European natural gas prices steadied after last week’s 8% gain, with traders awaiting fresh signals on short-term supply prospects as well as progress on ending the war in Ukraine.

Benchmark futures remained in the narrow range near €33 a megawatt-hour that they’ve traded in since late last week. While talks between US President Donald Trump and his Russian and European counterparts initially raised optimism that a peace agreement could be near — pushing gas contracts to a 2025 low — prices have recovered as progress remains slow.