JPM-European Natural Gas Demand Storage Tracker-20250729

Weekly demand increases on higher gas burns inGermany

•For the week of July 21-27, total natural gas demand in NWE averaged 226Mcm/day, 5% higher week-over-week and and 3% higher than the same periodlast year.

•The weekly increase was primarily driven by stronger non-residential demandin Germany, which we broadly attribute to increased gas burns in the powersector, as gas-fired power generation in Germany increased by 7% week-over-week.

•Preliminary month-to-date figures for July indicate that NWE demand standsat 223 Mcm/day, approximately 7 Mcm/day below our forecast.

•Year-to-date natural gas demand is averaging 424 Mcm/day, compared to 417Mcm/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 Germany increased by 10% week-over-week,while demand in other countries has remained broadly flat week-over-week.