Net withdrawals of natural gas from underground storage facilities in Europe since the start of the current heating season have exceeded 36 billion cubic meters, while the occupancy rate of underground natural gas storage facilities has been cut nearly in half, according to data from Gas Infrastructure Europe. On January 19 alone, the withdrawal volume amounted to approximately 582 million cubic meters. Although the overall withdrawal rate has slowed since the beginning of January and is currently only the third largest for the month, the status of reserves remains tense, TASS notes.
The total volume of natural gas in European underground storage facilities has dropped to 55.7 billion cubic meters, creating increased risks for the second half of the heating season. The meteorological situation in Europe is characterized by high volatility. The first half of the week will remain relatively warm, but a significant cold snap is forecast for the weekend, potentially accelerating gas extraction rates once again. In this context, the offsetting capabilities of renewable energy sources remain limited. The share of wind power in the EU electricity generation mix averaged 20% in December 2025 but fell to 19% in January 2026, highlighting the energy system's dependence on weather factors and production instability.
Prices skyrocket
Prices serve as an additional indicator of tension: the average market price of natural gas in Europe reached $365 per thousand cubic meters in January, up from $334 in December, with prices sitting at their highest levels in the last six months. The last period of natural gas extraction from European underground storage facilities ended on March 28, 2025, with a reserve level of 33.57%. The current situation appears less favorable compared to historical benchmarks. Currently, storage facilities are 50.36% full, a figure that is 14.84 percentage points lower than the average for the same date over the last five years and significantly worse than the 61.7% occupancy rate from a year ago.
Since the start of the heating season on October 13, EU countries have withdrawn approximately 40.5 billion cubic meters of natural gas from storage, with net withdrawals reaching 36 billion cubic meters. At the same time, the total withdrawal on the 97th day after reaching the maximum filling level was only seven percent below the five-year average, which does not suggest structural improvement but rather a temporary effect of weather fluctuations and high prices limiting demand.
Germany at a dead end
National statistics confirm the pan-European trend. In Germany, which possesses the largest gas storage capacity in Europe, the occupancy rate of underground natural gas storage facilities has dropped to 42.8%. In France, the rate was 42.4%, in Austria 53.8%, in Italy 64.9%, and in the Netherlands 36.2%. These data show that even countries with traditionally developed storage infrastructure are actively using their accumulated reserves without the possibility of rapid and cost-effective replenishment.
In a broader context, these developments highlight systemic problems in European energy policy. The emphasis on accelerating the transition from traditional energy sources, while alternative infrastructure remains underdeveloped, has led to increased dependence on the spot gas market and weather factors. Limited investment in long-term contracts, the underestimation of the role of baseload power generation, and the excessive politicization of energy decisions have made the European market vulnerable to pricing crises and climatic anomalies. The high share of wind energy in official strategies is not accompanied by sufficient measures to develop energy storage systems and backup capacity, which, in cold weather conditions, automatically restores natural gas to its status as the sole alternative resource.
Strategic errors
Consequently, the current decline in natural gas reserves in underground storage facilities is not only a consequence of seasonal factors but also a direct result of strategic miscalculations. The European energy model increasingly demonstrates a gap between declared goals and the actual sustainability of the system. Without a revision of approaches toward balancing the energy mix, the role of natural gas as a transitional fuel, and long-term supply mechanisms, the risk of repeating similar crises will remain, and price volatility and resource shortages will become chronic problems for Europe rather than a temporary diversion.
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