Traders have begun to use winter gas storage, and the rise in European gas prices indicates an increase in heating demand, putting further pressure on already low inventories. The storage capacity of EU gas storage facilities is less than 75%, the lowest level for the same period since records began in 2009. Europe is increasingly dependent on flexible distribution of liquefied natural gas carriers. If inventories are rapidly consumed this winter, more natural gas reserves will be needed next summer; the market weighs supply risks, and the May 2027 contract price is already higher than the November contract next year.

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