European Gas Markets: Summer Outlook 2025

This report was produced by Aurora Energy Research, a member of IPFA. 

Europe emerges from winter with gas reserves at a mere 34% capacity—a stark 25-point decline from last year’s levels. This concerning depletion stems from an unusually harsh winter, inconsistent renewable generation, and the complete cessation of Russian gas flows through Ukraine since 31 December. With pipeline flows facing growth constraints and continued production declines in the UK Continental Shelf and Dutch fields, Europe’s injection strategy will necessarily pivot to LNG imports.

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