European natural gas futures are currently trading around €41 per megawatt-hour, exhibiting fluctuations as the heating season comes to a close and market participants begin focusing on storage strategies for the upcoming winter. The mild weather conditions might enable early injections into storage facilities; however, concerns about market dynamics are prevalent. The recent cold snap during winter accelerated withdrawals, leaving current storage levels at approximately 33% capacity, presenting challenges for replenishment. Elevated gas prices throughout the summer have eliminated the usual incentive for traders to stockpile fuel, creating uncertainty about whether stockpiling will proceed smoothly or if intervention will be necessary. Adding to market volatility, some EU member states are advocating for more flexible storage targets. Additionally, geopolitical risks remain pronounced, notably with Ukraine requiring increased imports following infrastructure damage and no definitive signs of resumed Russian gas supplies. Despite these circumstances, European gas prices decreased by about 18% in the first quarter of 2025, yet they remain approximately 50% higher than the previous year. Prices might need to sustain current levels to attract liquefied natural gas shipments and ensure sufficient stockpiling ahead of the next winter season.