EU natural gas injections have trended below our forecasts since the end of April, with figures strikingly weak over the past week; daily injections have marked lows for those same calendar days in at least the last eight years. We cut once again our gas storage forecasts for Europe. Since our deep dive report on European natural gas in March, we have slashed our storage forecasts for the year by 4 percentage points, foreseeing a peak in November of 75% only — at the EU’s flexed lower target — and calendar 2026 to end at c57% full, only 3 percentage points higher than at end 2021: the year that marked the start of the last energy crisis.
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EU natural gas injections have trended below our forecasts since the end of April, with figures strikingly weak over the past week.
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