Europe's natural gas inventories are at their lowest level for this time of year since 2009, and reserves are starting to be drawn down.

European natural gas futures rose for a second consecutive day, as EU gas inventories declined for the first time this year. The current storage filling rate is around 74%, while Germany's is only 61% — both the lowest for this time of year since records began in 2009. The European benchmark Dutch front-month natural gas futures have broken through EUR 90 per megawatt-hour, nearly tripling compared with last winter. Goldman Sachs warned that if Gulf LNG exports remain at one-quarter of normal levels and the winter is colder than average, EU natural gas prices could surge to EUR 150.