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Bloomberg
European natural gas prices declined as ample inventories and tanker-borne fuel help offset lower supplies from Russia.
Benchmark futures fell as much 5.6% after gaining as much as 6.3%. Russian flows via Ukraine slumped further while cold weather swept across the continent, boosting demand for the fuel used in heating and accelerating withdrawals from storage sites.
The region is managing without rationing and blackouts as mild weather in recent weeks helped build inventories, which are more than 80% full. Imports of liquefied natural gas and reductions in usage have eased pressure on the region, lowering concerns over the rest of the winter and reining in inflation.
Russia’s Gazprom PJSC slashed deliveries to Europe via Ukraine by 23% on Thursday, deepening cuts that began earlier this month. One buyer, Austria’s OMV AG, said it’s currently receiving the full nominated quantities.