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