Germany’s Jemgum gas storage facility
European gas faces renewed strain after winter drawdowns
Sustained low temperatures have depleted storage levels and exposed the EU’s vulnerability to shocks even as the bloc moves ahead with phasing out all Russian imports
Europe’s gas market has entered a precarious phase after an unusually cold winter drove a rapid drawdown of inventories over the past two months, leaving storage sites less than 32% full as of 18 February. The sharp decline has laid bare the system’s continued exposure to shocks, even as Brussels presses ahead with plans to phase out all remaining Russian pipeline gas and LNG within two years—a move that would further deepen Europe’s reliance on US supplies under a presidency that some analysts fear could one day weaponise energy in a manner similar to Moscow at the start of the Russia-Ukraine conflict. How did Europe get here? Europe entered the current heating season in a weaker position t
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
