Jefferies reports European gas storage at 40% capacity

Investing.com -- European gas storage levels reached 40% capacity in the week ending May 31, according to a report from Jefferies. This represents a 16% decline compared to 2025 levels and stands 25% below the five-year average.

European gas storage added 2.5 billion cubic meters during the week, falling short of both the five-year average of 2.6 billion cubic meters and last year's figure of 3.0 billion cubic meters. Total inventories now stand at approximately 45 billion cubic meters, compared to 54 billion cubic meters in 2025 and 61 billion cubic meters for the five-year average.

TTF gas forward prices moved higher during the week. North West Europe gas demand, which includes Germany, Netherlands, Belgium, UK and France, declined 4% year-over-year, equivalent to 14 million cubic meters per day.

LNG imports for the week totaled 1.3 billion cubic meters, marking a 24% decrease compared to the previous year. Year-to-date LNG send-outs for 2026 remain 3% higher year-over-year at 1.1 billion cubic meters.

In Germany, which accounts for approximately 36% of North West Europe demand, industry consumption increased 17% year-over-year while household consumption rose 70% year-over-year in week 20. Year-to-date, German industry consumption is 3% higher year-over-year, while household consumption is 3% lower.

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