European energy outlook 2024: high ambitions, steadier speeds

The European natural gas market has had a relatively comfortable 2023/24 heating season so far, which puts the market in a good position for the rest of the year. European storage remains well above the 5-year average despite the region having gone through several cold spells this winter. In 2023, European natural gas demand was down around 18% from the 2017-21 average and also 8% below 2022 levels. For 2024, we are assuming demand will remain around 15% below the 2017-21 average through until the end of March. From April onwards, we assume a recovery in gas demand, which will […]