Near term outlook for European gas

The European gas market is still tight, but new LNG import capacity has been added, storage filling was already over 80 Bcm at the end of June 2023, and overall gas (and electricity) demand has gone down with limited prospects of a rapid recovery this year. Nonetheless, Europe must remain vigilant. Gas supply and demand balances will continue to be a complex puzzle with many moving pieces, but minimizing gas demand will remain necessary to prepare for Winter 2023/2024 (and even for the following winters until the next LNG wave in 2026/27) as suggested by the EU Commission’s proposal to […]