European natural gas prices fell to €46 per megawatt-hour, reflecting steady supply even as colder weather drives up demand. Gas storage is lower than it was last year (65% full compared to 77% in 2024), but there’s no immediate risk of shortages. Forecasts show colder-than-normal temperatures in northwest Europe from January 17-22, along with weak wind power generation until January 24, which will increase the need for natural gas. At the same time, the EU is considering banning imports of Russian liquefied natural gas (LNG) as part of potential new sanctions. While pipeline gas imports from Russia have decreased over the years, Europe imported record amounts of Russian LNG in 2024.
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