JPM-European Natural Gas：Demand Storage Tracker-20250716

Weekly demand broadly unchanged

•For the week of July 7-13, total natural gas demand in NWE averaged 227Mcm/day, broadly unchanged from the week before, and 3% lower than thesame period last year.

•Preliminary month-to-date figures for July indicate that NWE demand standsat 226 Mcm/day, approximately 25 Mcm/day below our forecast, withprimarily non-residential demand lagging our estimates, which we largelyattribute to continued weakness in industrial demand.

•Year-to-date natural gas demand is averaging 439 Mcm/day, compared to 431Mcm/day during the same period last year. The increase was driven byheightened demand in February due to colder weather and less favourablerenewable conditions, which led to increased natural gas burns in power sector.

•On a country level, demand in the Netherlands and Germany increased by 7%and 3% week-over-week, respectively, while demand in France and Belgiumdecreased by 12% and 2% week-over-week.