European natural gas prices fluctuated as traders weighed prolonged outages across the continent against a mixed outlook for demand.

Benchmark futures swung between moderate gains and losses on Thursday, holding near €40 per megawatt-hour after rising over 20% so far this week. Uncertainty has clouded the outlook for further price moves, with works at some major Norwegian facilities set to continue into July, while persistently hot weather may drive demand for cooling.

Europe has emerged from the worst of last year’s energy crisis with ample gas storage levels, providing a sense of security for now that it will manage to obtain sufficient supplies ahead of next winter. But questions over the demand outlook have sparked price volatility in recent weeks, with hotter weather settling in after subdued industrial gas use weighed on prices in the first months of the year.

Dutch front-month gas, the benchmark for Europe, was up 2.5% at €39.25 a megawatt-hour by 9:25 a.m. in Amsterdam. The UK equivalent contract added 3.2%.