Flows of Russian gas via Ukraine were halted on Jan. 1 after a prewar transit deal expired, reducing supplies and causing disruptions for European countries like Slovakia and Austria. In order to offset losses and replenish fast depleting inventories, the European Union is now expected to significantly boost imports of liquefied natural gas.

European natural-gas prices extended losses, dropping below the 50-euros-a-megawatt-hour mark amid talks to end the war in Ukraine and discussions to ease EU storage targets.