According to Dr Nakhle, the first reason includes a relatively warmer winter than historical averages, which eased demand for heating and, thus, for gas. The second reason includes the swiftness of EU member countries to fill up their gas storage ahead of winter. The third reason is the simple response of demand to prices with households, for instance, changing their consumption habits to rely less on gas.
Meanwhile, although Russian gas supplies have been reduced significantly, they have not been cut off entirely, in addition to greater supplies coming from other suppliers.
“Energy prices and inflation: Politics trump the economics“, Dr Carole Nakhle, Dec 2022
“The EU’s gas price cap“, Dr Carole Nakhle, Dec 2022