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The European Union is on track to close 2022 with consumption below previous years and healthy reserves. However, a possible return to normal temperatures, China's economic recovery and, concerns about Russia supply and nuclear generation in France could put pressure on the gas markets in 2023

The increase in EU gas reserves to 94% of capacity together with warmer weather and lower consumption indicates that Europe is in a good position to face the rise in consumption during winter. Factors to be considered are the European Commission's proposal on the gas price cap and possible gas supply cuts.

Reserves accumulated so far (96 bcm) would cover the EU's natural gas needs for next winter assuming: the current flow of imports is maintained, normal weather and a conservative 5% reduction in consumption.

The European economy is facing important challenges in 2016, but it is difficult to know exactly where the problems are going to come from. We only have to go back a year to understand this. Which are the focuses of uncertainty going to be next…