European natural gas futures hovered near €32 per megawatt-hour, returning to their recent trading range as investors balanced strong storage levels against signs of tightening supply and rising demand. Shipments of liquefied natural gas to Europe have slowed in recent days, while Norwegian pipeline flows have dipped due to maintenance work, reviving concerns about short-term supply stability. Temperatures across northwest Europe are expected to fall after a mild spell, likely increasing heating demand. The continent’s gas storage remains robust at roughly 83% capacity, with Italy at 94.7%, France at 92.7%, and Germany at 75.2%. However, some nations have already begun drawing from reserves as the heating season begins. Traders remain cautious about potential disruptions to global flows or a resurgence in competition for LNG cargoes. At the same time, Ukraine will rely more heavily on EU imports this winter, after losing about 60% of its gas production capacity to Russian attacks.
