European natural gas prices dropped to €46 per megawatt-hour as steady supply continues to meet rising demand driven by colder weather.
European gas prices fall amid cold weather
Gas storage levels are lower than last year, currently at 65% capacity compared to 77% in 2024, but there is no immediate threat of shortages. Forecasts predict colder-than-average temperatures across northwest Europe from January 17-22, coupled with reduced wind power generation expected to last until January 24, further increasing reliance on natural gas for energy needs. Meanwhile, the European Union is considering a ban on imports of Russian liquefied natural gas (LNG) as part of potential new sanctions against Moscow.
Europe imports record russian LNG in 2024
Although pipeline gas imports from Russia have significantly declined recently, Europe imported record volumes of Russian LNG in 2024, highlighting its continued importance to the region’s energy supply amidst geopolitical tensions.
