European natural gas futures fell over 1% to below €30/MWh, the lowest since May 2024, as imports rose and diplomatic efforts to end the Russia-Ukraine war improved sentiment. Prices had been steady for weeks while traders balanced strong supply against shifting winter weather forecasts. Recent inflows of LNG and Norwegian pipeline gas, along with milder temperatures expected in early December, eased concerns about low inventories and strengthened Europe’s position for winter. Peace discussions in Geneva also weighed on prices, with US-Ukraine talks signaling progress, though any deal would still need approval from leaders in Kyiv, Washington and Moscow. A resolution could affect global energy flows before new LNG capacity comes online next year. Europe continues competing for gas as it phases out Russian supply, which now accounts for only about 10% of its imports.
