European natural gas futures sank to below €33/MWh in February, erasing the surge from earlier in the month to trade at their lowest since mid-January as forecasts pivoted to show warmer weather, easing the demand for gas-intensive heating.

Meteorologists reconsidered the magnitude of the cold snap in northern and eastern European countries later this month, reverting the rally for prices of gas deliveries in the main northern European hubs.

Forecasts of a milder winter were also seen in the United States, trimming heating consumption stateside and increasing the availability of liquified natural gas to be shipped across the Atlantic.

Recent data showed that US LNG exports rose to a record of 111 million tons in 2025 amid higher export capacity on Gulf plants and higher demand for Europe as EU nations shun Russian energy.

Still, European natural gas storages slipped below the 40% capacity threshold, below levels from the corresponding period of the previous year.

Source: Trading Economics