And now it’s official: At 661 TWh (or 57.6% of capacity) European gas inventories are now **below the lowest point of the 2023-24 winter** (it was set on April 1). The depletion in 2024-25 is running ~69 days ahead of 2023-24
With nearly half of the winter still ahead, European natural gas inventories are now at the same level as they were at the end last winter (early April 2024).
To be sure, last winter was unusually warm. But the stock depletion means higher for longer nat gas prices.