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.

The European Union's gas and trading industries are urging it not to cap the gas price, while Brussels is looking for ways to

European natural-gas prices were back above 50 euros a megawatt hour after plunging more than 15% from the two-year high reached last week.