JPM-European Natural Gas：Demand Storage Tracker-20250722

Weekly demand declines amid softening residentialconsumption

•For the week of July 14-20, total natural gas demand in NWE averaged 215Mcm/day, 5% lower week-over-week and and 4% lower than the same periodlast year. The weekly decline was primarily driven by weaker residentialdemand, which declined by 8 Mcm/day, compared to a 4 Mcm/day decline innon-residential demand.

•Preliminary month-to-date figures for July indicate that NWE demand standsat 222 Mcm/day, approximately 8 Mcm/day below our forecast.

•Year-to-date natural gas demand is averaging 431 Mcm/day, compared to 424Mcm/day during the same period last year. The increase was driven byheightened demand in February due to colder weather and less favorablerenewable conditions, which led to increased natural gas burns in power sector.

•On a country level, demand in Belgium and the Netherlands decreased by 11%and 6% week-over-week, respectively, followed by Germany and France, with4% and 2% declines.