European natural gas demand has shown few signs of recovery so far this year as warm weather and industrial curtailments persist, but the fall in gas consumption on the continent is expected to slow this year compared to its downward spiral of 2023.

Between August 2022 and December, European Union (EU) countries reduced gas demand by 18% compared to the five-year average, according to the European Commission. 

Despite a limited number of forecasted heating days left on the calendar and storage volumes still above average in Europe, Rystad Energy Analyst Mathia Schioldborg told NGI that gas demand may have hit a balancing point for the rest of the year.

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