European gas markets are likely to be affected by renewed volatility this year and may experience ‘significant spikes’ in the summer months as the continent replenishes inventories ahead of next winter, according to Equinor.

European natural gas prices snapped a five-session rally after China hit back at US tariffs with its own levies on a range of commodities — including LNG — possibly leaving more fuel available for European buyers.

The gas price cap introduced by the European Union during its 2022 Russian gas crisis will expire on Friday, having not been triggered since its inception.

Consumers should expect gas prices to increase as a result of President Donald Trump’s border tariffs on Canada, but it may not be as drastic as feared. As of Monday, Trump’s 25% levy on all goods from Canada,

Gas prices in Iowa have seen a slight increase, rising by 0.7 cents per gallon to an average of $2.89 per gallon. This marks a 14-cent rise from last month and