European gas storage levels will likely be within the five-year range by the end of this winter, thanks to mild weather, more arrivals of liquefied natural gas (LNG) and sustained imports from Norway, according to WoodMac.

If Russian flows continue, the European Union (EU) and the UK will end this winter's heating season with 27 billion cubic meters (bcm) of gas in storage, which is a level within the five-year range.

Although energy exports are not part of the sanctions against Russia currently, there is a risk that Moscow could stop flows as a countermeasure to intensifying sanctions over the Russian invasion of Ukraine.