European gas storage shifts from seasonal spreads to volatility-driven value

Chart showing European gas storage capacity value and annual cycles from 2016 to 2025

European gas storage is undergoing a structural shift as traditional seasonal spreads weaken, with value increasingly driven by short-term price volatility rather than intrinsic forward curve opportunities. European gas storage is experiencing a fundamental transformation in how value is generated, as highlighted by the 2025–26 gas year. Historically reliant on seasonal spreads, storage operators are now facing persistently weak intrinsic […]

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