According to Zhitong Finance APP, Europe is preparing to face the coldest weather since the beginning of winter this year, which may increase heating demands and deplete the Henry Hub Natural Gas reserves that have already fallen below 75%. The rate of inventory extraction this year has been faster than usual, and with the upcoming expiration of the gas transit agreement between Ukraine and Russia, European natural gas prices are approaching the recent highs set earlier this month.

Temperatures across Europe are expected to drop this weekend. Data from the international meteorological service indicates that the average temperatures in London, Paris, and Berlin will fall below zero on Friday and Saturday, about 6 degrees lower than the normal values for the past 30 years. The United Kingdom's Met Office forecasts snowfall in the coming days, along with strong winds and heavy rain. The weather forecasting agency DWD has also issued frost warnings throughout Germany.

The disruption of Russian natural gas supplies may make Europe more reliant on imported liquefied natural gas from the USA, but the colder weather in the USA has also increased demand.

As of the time of writing, European benchmark Netherlands near-term natural gas futures have dropped by 0.96% to €47.275 per megawatt-hour, close to the recent high of €49.32 per megawatt-hour set earlier this month. The futures increased by 4.4% in the previous trading session.