European Natural Gas: Demand & Storage Tracker: Higher prices, lower burns

Research evidence excerpt

European Natural Gas: Demand & Storage Tracker: Higher prices, lower burns

J P M O R G A N Global Markets Strategy

16 June 2026

European Natural Gas: Demand &

Storage Tracker

Higher prices, lower burns

Demand upticks on northern cold Global Commodities Research

Otar Dgebuadze, CFA

• For the week of June 8-14, total natural gas demand in NWE+UK averaged 335 (44-20) 3493-8246

Mcm/day, 6% higher WoW and 7% higher than the same period last year. The otar.dgebuadze@jpmorgan.com

J.P. Morgan Securities plc

weekly increase in demand was driven primarily by the residential sector, with

Aradhaya Makkar

a broadly equal contribution from both the continent and the UK.

aradhaya.makkar@jpmchase.com

• Residential demand increased by 9 Mcm/day WoW (+12%) in continental J.P. Morgan India Private Limited

Europe and by 7 Mcm/day (+11%) in the UK. We attribute the uptick in

residential demand to marginally colder weather and likely some heating

demand especially in the Northern Europe. HDDs increased from 4 to 6 on the

continent and from 6 to 8 in the UK, tracking well above 10-year normal levels.

Meanwhile, non-residential demand rose marginally on the continent (+2

Mcm/day WoW) and was broadly flat in the UK over the week.

• At the country level, residential demand increased across all countries, led by

Germany (up 5 Mcm/day WoW). Non-residential demand also increased in

Germany (up 6 Mcm/day WoW) on higher power burns, although it was largely

offset by declines in the Netherlands and Belgium.

• MTD in June, demand is averaging 326 Mcm/day, 3% higher YoY and 5 Mcm/

day lower compared to our forecasts, driven by higher than forecasted power

burns.

Weekly injections continue to lag

• Storage injections remained broadly flat across the region (NWE+UK),