Is Germany at risk of a gas shortage this January?

Current signals point to low immediate shortage risk. Germany gas storage sits near 53%, and supply flows remain stable. The main threat is a longer cold spell paired with supply hiccups. If Norway pipeline risk or delayed LNG cargoes coincides with freezing temperatures, stress can build. Watch daily storage updates, weather models, and TTF price action for early signs of tightening conditions.

How do TTF gas prices react to cold weather?

TTF often rises when cold lifts heating demand and gas-for-power use. With Germany gas storage down to 53%, the market is more sensitive to extended frost. If temperatures ease and supply is steady, prices can settle in the high €20s. If cold persists and supply falters, prices may spike faster. Monitor prompt contracts, temperature forecasts, and pipeline nominations for direction.

What could disrupt LNG imports to Germany in winter?

Winter storms can delay arrivals and pilotage, and port congestion can shift cargo slots. Global competition for LNG may also reroute shipments. While floating terminals add flexibility, timing still matters when Germany gas storage is falling. If several ships are delayed while temperatures stay low, TTF can jump. Tracking terminal send-out and vessel schedules helps gauge near-term import consistency.

Which German sectors feel higher gas prices most?

Energy-intensive sectors such as chemicals, glass, paper, and metals react quickly to higher TTF. Costs can squeeze margins if demand stays firm. Utilities hedge, but wholesale swings still affect near-term procurement and generation economics. If Germany gas storage declines and prices rise, some industries may trim runs or shift maintenance. A milder turn in weather usually eases pressure across these sectors.

Global Market Insights

Germany Gas Storage Slumps to 53% on Cold Snap – January 09 Outlook

ByHuzaifa Zahoor January 9, 2026January 9, 2026

Germany gas storage has slipped to 53% as of 9 January amid a deep cold spell and stronger industrial demand. TTF gas prices hover around €28–30/MWh, while the regulator still signals low immediate shortage risk. For investors in Germany, the balance is tight. If the cold persists or if supply wobbles, prices can rise quickly. We outline key scenarios for TTF, the role of LNG imports Germany, Norway pipeline risk, and what this means for utilities and energy‑intensive sectors.