Europe’s energy regulators and financial market authority reported the European Union’s (EU) natural gas price cap policies haven’t appeared to impact trading, but the bloc’s price control mechanism hasn’t been tested.

The European Securities and Markets Authority (ESMA), the EU’s independent financial markets regulator, delivered a preliminary report Monday as part of the European Council’s plan to monitor markets after adopting price control schemes. The EU’s Agency for the Cooperation of Energy Regulators (ACER) also delivered a companion report.

Both agencies concluded markets and trading activities haven’t appeared to be affected since mechanisms were instituted in December, but future impacts couldn’t be ruled out if Europe’s natural gas supply is...