Investing.com -- European natural gas prices declined in early trading, with the benchmark Dutch TTF contract dropping 2.3% to €33.49 per megawatt hour.

The European gas market recorded its most significant weekly decline in nearly two years last week following the easing of concerns about liquefied natural gas (LNG) supply disruptions from the Middle East. This came after Israel and Iran reached a cease-fire agreement.

European LNG imports continue to show strength, currently running 41% above the five-year seasonal average, according to analysts at ANZ Research. The robust import levels are helping the region replenish its storage facilities, which are now 58% full.

The strong import figures indicate Europe’s ongoing efforts to secure energy supplies and rebuild inventories that had been previously depleted.

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