Benchmark natural gas prices in Europe fell on Tuesday, extending losses over the past four weeks, as demand in the region remains subdued despite signs of progress in rebuilding stocks ahead of next winter, Bloomberg reports.

At around 11:13 a.m. at the Amsterdam gas hub, where benchmark prices for Europe are set, next-month gas futures were down 1.6% at 38.21 euros for one MWh, according to Agerpres.

Although the euro zone managed to avoid a recession caused by the price of energy in the winter, recent economic data indicate a slow pace of recovery, as well as deteriorating confidence among companies.

Traders are watching closely for signs of increased demand for industrial gas after prices have fallen by about 50% since the start of the year. Although Europe has bought massive amounts of liquefied natural gas (LNG) following the cut in Russian gas supplies, the number of LNG carriers that have been at sea for more than 20 days has reached 34 in recent days, Bloomberg data show.

Europe “kind of saved this winter” because the weather was mild and China’s demand for LNG was weak due to restrictions. ”But will this situation last?” asks Anton van Heesewijk, from Jera Global Markets, who warns that a period of uncertainty will follow.

Gas storage capacities in Europe are now almost 60% full, well above the average of the last five years. Energy giant BP Plc estimated on Tuesday that the price of gas in Europe and the price of LNG in Asia will be supported by efforts to restore gas stocks, and by the recovery of demand in China.

Meteorologists are warning that the weather will cool considerably this week in northern Europe, which could increase demand for heating and lead to higher energy prices.