European natural gas futures fell more than 12% to €44 per megawatt-hour this week, the lowest since December 19, as milder temperatures are expected later this month, increasing gas availability. Temperatures are forecast to be near or slightly above normal from the weekend onwards. Although storage levels are lower than last year, currently at just under 70% compared to 83% in 2024, the supply situation remains stable. Meanwhile, Norway's Gassco announced maintenance at its Kollsnes processing plant, which will last until January 11. Earlier in January, European gas prices surged to a 14-month high above €50/MWh due to concerns over Russian gas flows, which ceased on New Year’s Day following the expiration of a transit deal, raising fears about rapid withdrawals from storage.