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.

European gas demand fell 11.2% on the year in 2014 to 409 Bcm, or 4,418 TWh, because of "exceptionally warm" weather, industry association Eurogas said Wednesday.

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.

Europe's reliance on imports of natural gas is likely to rise from half to three quarters over the next two decades and Russia will continue to supply around 30 percent of EU needs, BP's chief economist said on Friday.

Before Donald Tusk became president of the European Council, the former Polish prime minister had already begun campaigning for a European energy union.

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.

The Bulgarian government finds itself in a position where it needs to secure long-term reliable natural gas supplies, after two successive failures in the past few years to get involved in major infrastructure projects, namely the Nabucco and the South Stream pipelines.

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.