European gas storage and swing report

The European gas storage levels at the turn of the year were filled at 86%, ample volumes to pass the winter. European gas prices continued to decline in the last quarter of 2023 on the back of weak fundamentals. The TTF contract for 2025 delivery lost 20% and NBP dropped by 25%. On one hand, gas supply remained strong: Imports from Norway increased by 15% compared to the summer months and LNG deliveries from the USA picked up as well.