Europe is consuming its gas reserves at the fastest rate since 2018 due to unusually cold temperatures.
Currently, European gas stocks are at 70% capacity, compared to 86% at the same time last year. There is no risk of a shortage, but refilling reserves after winter may be challenging, potentially affecting short-term gas prices.
On Monday morning, the Dutch TTF, Europe’s benchmark for natural gas, was nearly €49 per MWh. This follows a recent increase tied to the announcement of stopping Russian gas transit through Ukraine from 1 January 2025. On 16 December, TTF prices were €40 per MWh.
Europe is increasingly relying on liquefied natural gas (LNG) transported by tankers to meet its needs. Cold temperatures across much of the continent are driving up natural gas consumption.
