European gas prices rise on concerns about global competition for LNG supplies

European gas prices rise as some Asian companies ramp up buying liquified natural gas (LNG), while seasonal maintenance in Norway makes the market tighter, Bloomberg reports. 

Gas benchmarks gained 1.8% after retreating during the previous trading session, the news agency says. Global competition for LNG supplies has become a focus for traders as Chinese importers resumed purchases. 

According to Bloomberg, since early April, eurozone gas prices have dropped by more than 15%. The decline was driven by heightening concerns about a slowdown in global economy and demand for energy falling due to the US trade policy. 

Lower gas prices allowed European countries to rebuild their fuel inventories at a faster pace. Yet, resumed buying in other regions could make replenishing gas supplies more challenging. Additionally, seasonal maintenance at facilities in Norway, Europe's leading gas supplier, is cutting pipeline flows from the country, the news agency says.