European natural gas futures edged up to €34/MWh on Monday, after falling 5.5% last week, as traders weighed new EU sanctions on Russian oil and concerns over global fuel demand. The EU’s 18th sanctions package targets refined Russian oil exports, including India’s Nayara Energy, while tightening banking restrictions and setting a lower price cap on Russian crude. The UK also joined these efforts. Russia, however, claimed it had built resilience against Western sanctions. Traders are also watching potential US tariffs, with EU envoys preparing for a no-deal scenario under President Trump ahead of the August 1 deadline. On the supply side, Norwegian exports jumped as outages at Nyhamna and Kollsnes were resolved, boosting gas availability. In Germany, stronger wind forecasts are expected to curb gas-for-power demand. Meanwhile, Asian LNG demand is stabilizing after a recent heatwave, reducing pressure on European imports. Flexible EU storage targets have also eased competition for LNG.
