At the highest point of the last two years, gas prices climbed in Europe, as low temperatures accelerate the exhaustion of the region’s stocks.

Futal fulfillment contracts (SMEs) of Natural Gas noted up to 5.4% on Monday at 58.75 euros a megawatt hourwhich is the highest level since February 2023.

Northwest Europe is preparing for a wave of cold in the coming days, which could eject the demand for heating and give further impetus to the rally recorded since the beginning of the year. Increased consumption is in danger of exhausting the stocks of Epirus, already at the lowest level recorded at such a time since the energy crisis of 2022.

In particular, the height of gas reserves is located to 49% of total storage capacity versus 67% of the same period of the previous year, making them more difficult to replenish during the summer months.

“The risk of the European Union in the spring with extremely low gas reserves has increased in recent weeks,” notes Arne Lohmann Rasmussen, head of Global Risk Management. “Not only the contract of next month has been raised, but we have also seen an increase in prices for 2026-2027.”

In addition to the weather, market players are closely monitoring developments on the duties front, as the impact on US policy and possible retaliation are at risk of making it even more expensive imports of liquefied natural gas.

Gas consumption in Europe is expected to rise by 17% this monthcompared to the corresponding period last year, according to ICIS monthly estimates. Stocks are estimated to have fallen to 37% by the end of winter.