(Bloomberg) -- European natural gas erased an earlier decline after Russia said it attacked gas-compressor stations in western Ukraine with drones and missiles.
Benchmark futures rose as much as 2.4% on Monday. The market has been sensitive to geopolitical events and outages this summer, even with storage sites exceeding targets ahead of Europe’s heating season.
Russian gas flows to Europe via Ukraine are expected to remain within their normal range on Monday, according to data from the Slovak gas transmission system operator Eustream AS, suggesting the attacks haven’t impaired deliveries.
Europe’s storage facilities are more than 91% full, according to the latest data from Gas Infrastructure Europe, crossing the EU’s 90% goal more than two months early. Those inventories have soothed markets in the face of supply risks, keeping gas futures below a 2024 high reached earlier this month.
Dutch front-month futures, Europe’s gas benchmark, were up 0.9% at €37.20 a megawatt-hour by 3:03 p.m. in Amsterdam.
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