BAKU, Azerbaijan, April 21. The International Energy Agency (IEA) reports that natural gas storage played a critical role in balancing markets during the 2024/25 northern hemisphere winter, with end-of-season levels falling well below historical averages in both Europe and the United States, Trend reports.
In Europe, storage started the winter nearly full - at around 95% - but early and intense withdrawals in response to a cold snap and high gas-to-power demand led to a significant drawdown. By the end of the heating season, EU gas stocks had dropped to just 35 bcm, or a 34% fill level, marking a steep 50% increase in withdrawals compared to the previous winter. To reach the EU’s 90% fill target by 1 November 2025, an additional 20 bcm will need to be injected—50% more than last year.
Ukraine's situation was even more critical. The country entered winter with historically low storage, and end-winter volumes were about 75% below the previous year’s level. This will require a steep year-on-year increase in injections, further tightening Europe's market balance.
In the United States, storage levels were high going into winter but fell below average by mid-January due to strong heating demand, limited production growth, and increasing LNG exports. While injections began earlier than usual in March, helping to narrow the deficit, storage levels still ended March 2025 22% below the previous year and 4% below the five-year average. According to the IEA, the combination of higher injection needs, sluggish output growth, and expanding LNG export capacity is expected to place additional strain on U.S. gas supply.
In Asia, storage dynamics were comparatively stable. LNG storage in Japan and Korea remained below last year’s levels but above the five-year average, supported by strong imports and steady demand for heating.
The IEA notes that storage replenishment will be a key factor shaping gas market dynamics throughout 2025.
