Gas demand in Europe rose significantly last month, according to LSEG data. Colder weather and low wind conditions across most of Europe have weighed on renewables generation and boosted gas consumption.

“European demand for gas surged by 20 percent in February. This was the strongest increase year-over-year since April 20, when the market was still recovering after the COVID locksdowns,” according Greg Molnar, gas analyst with the International Energy Agency.

Furthermore, data analysed by LSEG revealed that in north-western European countries, including Germany and France, gas consumption between November 2024 and February 2025 was the highest since 2020-2021. 

A combination of increased gas consumption and the loss of Russian deliveries through Ukraine have resulted in rapid withdrawals from gas inventories. EU storage is currently at around 38% of capacity compared to 62% at the same point last year and 60% in 2023.

Despite ongoing concerns about the pace of gas inventory depletion throughout the month, the TTF front-month contract recorded a significant 17% decline in February, marking the largest monthly drop in a year. The decline in the latter part of the month is even more notable given that prices soared to a two-year high at the beginning of February.