Average European gas storage levels have now fallen below 50%
Current levels are only marginally above the “record-low” levels seen in 2022, and more than 10 percentage points below the already weak 2025 levels.
The extreme cold weather experienced in recent weeks, combined with forecasts pointing to persistently low temperatures, is further intensifying concerns around the pace of storage withdrawals. These worries are compounded by geopolitical risks, missing French nuclear capacity, and below-average renewable generation.
At the same time, TTF front-month prices have risen by more than one third since the beginning of the year. Based on recent years’ experience, there is a strong correlation between storage withdrawals and TTF FM price movements.
We continue to closely monitor weather and market forecasts and report on all key developments in our daily market updates.
Written by: Tóth Eszter Lilla
2026.01.20.