European natural gas futures fell below €33/MWh in February, wiping out the early-month gains and trading at their lowest level since mid-January, as updated forecasts pointed to warmer weather and reduced demand for heating. Meteorologists scaled back expectations for the intensity of the anticipated cold snap across northern and eastern Europe later this month, reversing the rally in prices for gas deliveries at the main northern European hubs.
Milder winter forecasts in the United States have likewise curbed domestic heating demand, freeing up additional liquefied natural gas (LNG) for export to Europe. Recent data show that US LNG exports reached a record 111 million tons in 2025, supported by expanded export capacity at Gulf Coast terminals and robust European demand as EU countries continue to move away from Russian energy supplies.
Despite the price decline and increased LNG availability, European gas storage levels have dropped below 40% of capacity, slipping under the levels recorded during the same period a year earlier.
