European Gas Prices Remain Elevated Amid Storage Gap
European natural gas prices are expected to remain high due to a persistent storage gap compared to historical averages, according to Commerzbank analysts. The gap between current inventories and five-year average levels creates a structural buffer that supports wholesale prices.
The EU's storage sites were about 70% full as of mid-2025, which is lower than the five-year average of 75%. This shortfall translates into significant volumes when scaled across the bloc's total capacity. The ongoing geopolitical tensions and reduced pipeline flows from Russia have also contributed to the high prices.
Commerzbank notes that without a rapid acceleration in injections, the market will need higher prices to incentivize conservation and attract additional LNG supplies. This dynamic is particularly pronounced ahead of the heating season, when demand typically peaks.