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NATGAS: EU’s March Gas Demand Down 10% on Historical Levels: GFB

NATGAS
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The last two weeks have seen a sharp change in European gas consumption, which has now fallen on average to 10% below seasonal levels for March, GFB Insights said.

  • While the impact has been so far limited, if this trend continues, it could push the start of net storage injections to mid-April instead of end-March and would reduce 2025 LNG demand by 3-4 bcm, GFB added.
  • However, with colder outlooks for April temperatures, the impact of any short-term period of lower demand on market balances for the rest of the year is uncertain.
  • European gas demand had been on average 6% above seasonal normal between November and February, a key driver for expectations of market tightness throughout the remainder of 2025.
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Source: GFB Insight
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The last two weeks have seen a sharp change in European gas consumption, which has now fallen on average to 10% below seasonal levels for March, GFB Insights said.

  • While the impact has been so far limited, if this trend continues, it could push the start of net storage injections to mid-April instead of end-March and would reduce 2025 LNG demand by 3-4 bcm, GFB added.
  • However, with colder outlooks for April temperatures, the impact of any short-term period of lower demand on market balances for the rest of the year is uncertain.
  • European gas demand had been on average 6% above seasonal normal between November and February, a key driver for expectations of market tightness throughout the remainder of 2025.
image
Source: GFB Insight