European natural gas posts first weekly decline since mid-December

European natural gas posted its first weekly decline since mid-December, driven by easing supply concerns.

Benchmark futures fell 9.3% over the past week, amid expectations of warmer temperatures next week, ending a cold snap that has boosted heating demand and depleted gas inventories.

The weekly decline was partly driven by a shutdown at BP’s major gas platform in Azerbaijan, as well as the US announcing new sanctions on Russia.