Europe's Warm Winter Minimizes the Impact of Russia's Gas Cut-Offs

A mild winter will not only help Europe withstand the rest of the season with low levels of Russian natural gas, but will also reduce the risk of an energy crisis next winter by leaving the Continent with larger-than-usual gas stockpiles. According to data from Gas Infrastructure Europe, European gas storage was 81.49% full as of Jan. 15 -- the highest recorded level for this time of year since 2011. The ten-year median for Jan. 15 is historically about 63% full. Germany's storage levels actually increased from 87.2% to 91.4% between Dec. 20 and Jan. 8. These high storage levels, combined with relatively low demand, saw Europe's main gas benchmark -- the Dutch Title Transfer Facility (TTF) -- dip under 55 euros per megawatt hour in mid-January for the first time since late 2021 (and trade below that level on Jan. 17)....