Europe Gas Slips Below €30 as Imports Surge and Cold Spell Eases

European natural gas fell below €30 a megawatt-hour for the first time in more than a year, weighed down by rising imports and talks to end Russia’s war in Ukraine.

The milestone demonstrates the turnaround prices have made this year after initial expectations of a difficult winter. Depleted stockpiles at the start of 2025 and struggles to replenish them to their usual levels over the course of the summer created expectations that Europe could be vulnerable to price spikes. Instead, strong LNG arrivals, steady Norwegian flows and mild weather have eased pressure in recent months, showing how far the region has come since the 2022 energy crisis.