European natural gas futures slipped toward €31/MWh, near their lowest since May 2024, as optimism grew around peace efforts in Ukraine. Following talks between Trump, Zelenskiy, and European leaders, Trump urged Putin to plan a summit with Zelenskiy, fueling speculation that a ceasefire could eventually bring Russian gas back to global markets. While Europe has reduced reliance on Russian supply by diversifying LNG imports, traders bet that easing sanctions could soften competition for cargoes. Adding to bearish pressure, Norway’s Equinor restarted production at its Hammerfest LNG terminal, Europe’s largest, after an unplanned weekend outage caused by an overheating transformer.
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