European natural gas prices continued their decline Tuesday as storage inventories on the continent appeared on track to fill by the end of summer.

The prompt Title Transfer Facility (TTF) contract has shed nearly $5 over the last week. While liquefied natural gas (LNG) arrivals have slowed somewhat, they remain well above deliveries at this time last year. Warmer weather is also cutting into demand. 

Gazprom PJSC halted more gas deliveries last week to customers in Denmark, the Netherlands and Germany for failure to comply with an order to pay in rubles. The last of those payments were due at the end of May, and Europe’s largest gas buyers have complied with Russia’s demands, preserving much of the continent’s Russian supplies.

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