Europe gas drifts lower on stockpile boost, stable Russia flows

Europe’s gas inventories are rebounding to near seasonal levels as companies prepare for any potential disruption from the continent’s top supplier.

European storage levels have jumped 24% this month and are close to the 45% five-year average, according to Gas Infrastructure Europe.

Natural gas prices in Europe declined as rising stockpiles and stable Russian supplies countered some risk on Moscow’s new payment rules.

Benchmark front-month Dutch futures are headed for a weekly loss of about 7%, after closing on Thursday at the lowest level since Feb. 23, the day before Russia invaded Ukraine.