In this context of potentially higher and more volatile demand and limited upside flexibility in supply, storage represents the most responsive source of short-term supply over the winter. However, EU-27 stocks in mid-November are already 8 Bcm lower year-on-year, and winter withdrawals are also likely to be higher year-on-year. This implies a significant year-on-year increase in storage injections in summer 2025, with the increased volumes for injection sourced from a relatively tight global LNG market. This is the main reason why price curves through summer 2025 are robust and only soften when the new wave of LNG starts to make itself felt late in the year.