Natural gas benchmark prices in Europe hit a new 2025 low on Monday morning ahead of a meeting between US President Donald Trump and Ukrainian President Volodymyr Zelensky, who is under pressure to reach a peace deal with Russia that involves territorial concessions, Bloomberg reported.

At the TTF gas hub in Amsterdam, where Europe’s benchmark prices are set, natural gas futures fell more than 1.9% to 30.43 euros per megawatt-hour (MWh) on Monday morning.

Futures prices continued their decline on Monday, after last week’s collapse ahead of the Trump-Putin meeting. A possible ceasefire, no matter how big Ukraine’s possible concessions, could mean a surge in global gas supplies if more Russian energy could reach the market, according to Agerpres.

Ukrainian President Volodymyr Zelensky and several European leaders, including European Commission President Ursula von der Leyen, French President Emmanuel Macron and NATO Secretary General Mark Rutte, are meeting with U.S. President Donald Trump in Washington on Monday to work out a peace deal, amid concerns that the Republican tycoon could try to pressure Kiev into accepting a deal favorable to Moscow. After rolling out the red carpet in Alaska for Russian President Vladimir Putin on Friday, Trump said a deal should be struck to end the 42-month-old war that has killed tens of thousands of people and displaced millions.

Even as Europe has taken steps to diversify its gas supplies after Russia significantly reduced pipeline gas supplies more than three years ago, and is now receiving more liquefied gas from distant countries such as the United States and Qatar, traders are betting that a possible easing of sanctions on Russia could allow some Russian energy to return to the global market, reducing competition for liquefied gas.

“The US announcement of security guarantees for Ukraine, as well as news of a possible Russian acceptance, are important from a diplomatic point of view. But the situation remains very uncertain at this point, and there are no signs that the Alaska summit will significantly change the situation on the European side of gas supplies,” said Tatiana Mitrova, a research fellow at the Center on Global Energy Policy at Columbia University.

In parallel, Norway, another major gas supplier to Europe, announced an unplanned shutdown of its Hammerfest LNG export facility, which could have an impact on prices if the outage is prolonged.