In the latter half of June, natural gas futures in Europe retreated to approximately €30 per megawatt hour after reaching a nearly two-month peak of €49.95 on June 15th. However, they remain 20% higher compared to the previous month, primarily due to concerns about the gas supply. The Netherlands is scheduled to shut down Europe’s largest gas site near Groningen on October 1st due to the risk of earthquakes. Concurrently, several outages at Norwegian gas fields have been prolonged, with repair works expected to continue until July. Norway has emerged as one of the principal suppliers of natural gas to the European Union, surpassing Russia and accounting for approximately 25% of imports. On the demand side, hotter weather is projected to increase the need for air conditioning. Nonetheless, Europe’s gas storage is currently at a record level of 74% capacity for this time of the year. The European Union aims to achieve a storage inventory target of 90% by November 1st
EU Natural Gas
