A large cold snap across the continent has sent temperatures below zero and drove an excess in gas demand for heating, typically balanced through seasonal storage withdrawals.
Over the last two weeks, withdrawals from underground gas storage facilities in the EU have averaged more than 190 mcm/d higher than the 5-year average. This comes despite strong LNG sendout, which in December trended 11% higher than the 3-year average at 381 mcm/d, underpinned by sustained strength in LNG deliveries to Europe, which grew 30 mt year on year in 2025. This ultimately comes as short term flex from LNG remains limited, with little change in sendout in response to the recent cold spell.
Despite the stronger storage withdrawals to meet demand, TTF has remained below the €30/MWh mark. This reflects the loosening of the Global market as more global LNG export capacity is expected to come online over the coming year, providing greater seasonal supply flexibility and increasing confidence in Europe’s ability refill storage capacity.
