Russian gas imports into Western Europe could rise to a record this summer as utilities increase purchases from Russia, taking advantage of lower prices for oil-indexed gas contracts, analysts said.

European gas prices started the summer season at a five-year low, signaling easing concern about disruptions to Russian supply and below-average reserves.

Oil markets remained volatile Mar. 24 while analysts anticipated a weekly government inventory report showing another climb in US oil and product supplies. US light, sweet crude prices edged up on Mar. 24 to remain under $48/bbl while Brent prices fell modestly to settle at above $55/bbl.

European companies are increasing their focus on offshore projects, securing an increase of their financing facilities and forging joint ventures to reduce costs.

Russia is using natural gas as a political tool and the United States needs to know if it is “on the same page” with Turkey regarding Russia’s actions, a top U.S. energy envoy has said.

Natural gas international markets are constantly growing. Despite the ongoing crisis, Europe is increasing its dependence on imports, while emerging economies in Asia face the daunting task of fuelling their economic growth.

Russian oligarch Mikhail Fridman’s investment fund said Wednesday it sent a “detailed response” to U.K. government objections to its deal to take over offshore natural-gas fields amid a period of icy relations between Moscow and the West.

As most of Russia’s energy exports go to the European Union, both players are strongly interdependent. For Russia, energy resources, especially gas, are viewed as a tool to project power beyond its borders.

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