European gas prices rise following US court ruling on tariffs

European natural gas prices rose slightly amid rumors that a US court ruling blocking Trump's tariffs could lead to increased energy demand.

On Thursday, May 29, gas prices rose 0.9%. The market remains volatile despite public holidays in most European countries reducing trading volumes.

The trade war has affected the outlook for global energy consumption. For Europe, a net importer of energy, the court's decision could mean tougher competition with other buyers of fuel. This could complicate efforts to replenish gas reserves before winter.

As summer begins in the Northern Hemisphere, Europe may face a sharp increase in fuel consumption in Asia, where higher demand for cooling could intensify competition for liquefied natural gas shipped by sea.

Flows from Norway, Europe's largest gas supplier, are slowly picking up after a period of seasonal maintenance. Meanwhile, unplanned work is ongoing at the country's giant Troll field. Full resumption of operations is expected on Friday, May 30.