- Despite high storage levels, European gas prices remain volatile due to supply disruptions.
- The EU’s dependence on Russian gas continues, with alternative sources from the U.S. and Azerbaijan facing limitations in meeting Europe’s total demand.
- Experts: Europe’s gas supply outlook might worsen in 2025 compared to 2024.
A year ago, European politicians declared the gas crisis from the near-complete halt of Russian supplies was over. The EU had turned to alternative natural gas suppliers, assuring there would be enough to prevent shortages and steep prices. These assurances now appear premature.
Last week, European benchmark gas prices hit the highest in a year on the news of a production outage in Norway. On Friday, the Dutch Title Transfer Facility hit 43.68 euros per MWh, which was the highest since December 2023. It seems the future holds more price spikes—because that spike occurred despite full European gas storage caverns ahead of peak demand season.
