European gas prices edge higher amid war-driven supply uncertainty

"While the oil market is increasingly accepting the reality of ongoing supply disruptions, the gas market has been more measured," analysts at ING Research said.

European gas prices have moved higher too in recent days, but they do not appear to fully reflect the scale of the LNG disruptions, they added.

Still, while seasonally weaker demand and a fair amount of demand destruction in the LNG market will help to take some pressure off prices, Europe will find it tougher to refill storage the longer the crisis persists, ING's analysts said.

EU gas storage sites were last 32.2 per cent full, Gas Infrastructure Europe data showed. The EU targets levels of 85-90 per cent full ahead of next winter. Meanwhile, summer maintenance is continuing to curb Norwegian pipeline gas supply to Europe.

(Reporting by Nora Buli; editing by Nina Chestney)