The European gas market couldn’t have entered the 2023/24 heating season in better shape. The heating season started with storage essentially 100% full. And while storage has started to draw, it is doing so at a relatively slow pace. The market has increasingly come around to the idea that Europe should get through the 2023/24 winter comfortably. This is reflected in a somewhat flatter front end of the futures Economic and Financial AnalysisCommodities4 December 2023 Article curve, suggesting less concern over tightness in the peak of the winter months.