European natural gas fell in anticipation of more liquefied natural gas supplies heading to the continent from the U.S. Benchmark gas futures declined 7%, after settling 4.6% lower on Thursday. A political deal between President Joe Biden and the European Union paving the way for more imports to reduce the bloc’s reliance on Russian hydrocarbons is expected to be announced on Friday. Europe wants to reduce its reliance on Russian gas, which accounts for around 40% of its needs, with Moscow’s invasion of Ukraine raising the prospect of disrupted flows, and as nations look to choke off funds to President Vladimir Putin’s regime. While more LNG deliveries would help, Europe’s ability to import is capped by its current regasification capacity, number of terminals and interconnectors. Meanwhile, Russian gas supplies to Europe have remained broadly stable as the war enters its second month. Flows via key pipeline routes are set […]