European natural gas futures fell more than 7% to around €34 per megawatt-hour, retreating from last week’s seven-month high near €37 after a sharp rally of about 30%. The pullback comes as markets reassess the weather outlook and its impact on gas storage levels. Forecasts still point to colder conditions toward the end of the month, which would raise heating demand and speed up withdrawals from already low inventories. EU gas storage sites are currently around 50.4% full, well below roughly 61.7% at the same time last year, leaving the region more exposed to shifts in weather and supply. Beyond temperatures, competition for cargoes could also intensify as parts of Asia brace for a cold wave, which may lift heating demand there and tighten the global LNG market further.
