Ukraine transit flows stopped on 1 January and European storage is 15 bcm below year ago levels. A warm last third of January should ensure that the 50% EU gas stock requirement is met on 1 February, but inverted Summer25/Winter25 prices cast a question mark over the Summer25 injection season and the 30% stock requirement for 1 May. We’ll be updating our Summer25 gas and power market scenarios for our Spring update in Como on 4 April – message or email me for details: peter@albasoluzioni.com