05:58 AM EST, 03/08/2024 (MT Newswires) -- Europe is on track to close this winter season with a record amount of natural gas in its inventories, with storage facilities across the European Union and the UK at 62% of capacity on March 5, Reuters reported Friday.

This compares with an average of 41% of capacity filled on the same date between 2011 and 2020, the report said.

The ample storage levels has pushed future prices back to pre-crisis levels, taking inflation into account, according to Reuters.

Weather patterns this winter season had resulted in higher temperatures and wind speeds than average, reducing heating demand and boosting wind generation. This has caused a double cut to gas consumption, Reuters said in the report. It is the region's second mild winter in a row.

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