CommoditiesMedium•10 November 2026•
1 min read
European Gas Prices Fluctuate as Storage Hits 72% Amid Geopolitical Optimism
Key Facts
1EU gas storage levels dropped to 72%, significantly below the five-year seasonal average of 89%.
2Net withdrawals from storage jumped nearly sixfold last week due to a cold spell.
EU gas storage levels dropped to 72%, significantly below the five-year seasonal average of 89%. Energy Connects reported that net withdrawals from storage jumped nearly sixfold last week due to a cold spell that spiked heating demand, depleting reserves faster than the historical average.
European natural gas prices are experiencing volatility as markets weigh fundamental supply tightness against hopes for a diplomatic resolution between the US and Iran. US President Donald Trump indicated a willingness to wind down the conflict, helping to reduce the geopolitical risk premium, even as the German storage group INES warned that supplies in Germany—where storage sits at 59%—cannot be fully guaranteed during extreme cold.