A report from the European Network for Transmission System Operators for Gas (ENTSOG) shows that while the EU is well-prepared for the 2025–26 winter, natural gas storage levels across the bloc are significantly lower than this time last year and remain well below the 10-year average. Europe relies heavily on stored NatGas to meet winter heating demand. Entering the cold season with reduced reserves could drive prices higher, as consumption is set to rise steadily with colder weather ahead. 

Key points from ENTSOG's report: 

However, not everyone was as confident as ENTSOG. NatGas researcher Tomasz Włodek pointed out on X, "The level of natural gas storage in the EU is 83% and is significantly lower than last year's (95%) and lower than the multi-year average (89.4%)." 

Włodek continued, "Taking into account preliminary weather forecasts, the maximum storage level is unlikely to exceed 85%." 

Underground Gas Storage fill level in the European Union in 2025 (compared to 2024 and the 2011–2023 range), %

In Germany...

And the Netherlands. 

Russian news TASS reports...

Europe depends heavily on stored NatGas to meet winter heating and power demand when consumption spikes. Storage acts as a shock absorber when it is full; when it is low, it triggers panic buying.

Especially after the Ukraine-Russia war, Europe's NatGas system now depends far more on LNG regasification terminals in Spain, France, and the Netherlands.

Analysts and traders watch weekly storage reports that will heavily influence Dutch TTF Natural Gas Futures, the benchmark for Europe's gas trading, power prices, and carbon contracts. 

TTF futures are trading at 31.750 a megawatt-hour late Tuesday, range-bound between 30 and 35 since summer. 

Let's just hope Europe doesn't have a fierce winter.