Winter demand is placing significant pressure on Romania’s natural gas system, as colder temperatures trigger rapid use of seasonal reserves and push domestic prices higher. Latest figures indicate that roughly one third of the gas set aside for the heating season has already been consumed.
After a relatively mild December, January brought a sharp drop in temperatures across the region. Romania responded by importing gas at maximum capacity, as consumption surged among households and industrial users.
Data from the European AGSI storage platform show that after about a month of sustained winter conditions, Romania’s underground storage sites were filled to just under 64%. This faster-than-usual withdrawal reflects both falling temperatures and steady demand from key sectors. Romania’s ability to withstand prolonged cold periods remains limited by its storage infrastructure, with national capacity holding at around 3.2 billion cubic meters, among the smallest reserve buffers in the EU relative to annual consumption.
The tightening supply-demand balance has already impacted the wholesale market. On 17 January, prices on the Romanian Commodity Exchange (BRM) averaged €42.6/MWh, with peak transactions reaching €46/MWh, highlighting short-term pressure on available volumes.
Upward momentum continued in subsequent trading. For deliveries scheduled on 19 January, traded volumes fell while prices climbed further, with averages approaching €47/MWh.
Forecasts of another cold spell later in January have raised concerns over faster depletion of reserves. At the same time, stronger import demand from neighboring countries is tightening regional markets, increasing the risk of continued price volatility as winter progresses.